The poll was a survey of the Pension Management Research Panel, an independent panel of financial executives who are dealing with the critical issues related to managing defined benefits plans.

A total of 54 financial executives offered their opinions around the potential impact of the Bush Administration's proposed pension reform. More than 85 percent felt that the proposed reform focuses too strongly on the PBGC's need for solvency and not enough on creating a pension system that squares the long-term nature of pension liabilities with the PBGC's interest in solvency.

Additionally, 35 percent of those polled believe that the proposed reform and subsequent extra expenditures will increase the risk of future corporate bankruptcies.

Fifty-six percent of the executives polled said they are taking a proactive approach to reform by identifying potential action plans even before the reform is finalized.

"Many financial executives are using reform as an opportunity to reevaluate decisions regarding how their pension plans are managed, including changes around asset allocation and funding policies," said Jim Morris, senior vice president of Retirment Solutions for SEI. "This proactive approach will minimize the impact that pension reform will have on their overall business."

The poll was released the same day that Federal Reserve Chairman Alan Greenspan expressed concern over the proposed pension reform that would allow companies to dump their pensions plans on PBGC, an agency that recently assumed the obligations of the United Airlines pension plans. (More on this story.) PBGC is running a record deficit that tops $20 billion, Associated Press reports.