At a time when the debate over pension reform is focused on changes that will reduce employers' ability to smooth cost changes -- thereby increasing volatility -- they are feeling pressures for sustaining employee pension plans.

"Virtually everyone who is proposing changes to pension rules is suggesting changes that will increase cost volatility," said Steve Metz, principal in PricewaterhouseCoopers' human resource services group. "So, if volatility is a major factor driving employers away from pension plans and the rules are changed to increase it, well, you do the math."

Most companies (67 percent) that have made a change in their plan over the past three years, or are contemplating one, have considered freezing it or closing it to new hires. And, nearly half (46 percent) of those expecting to make changes over the next 12 months report they will consider axing their plan.

"About seven out of 10 large U.S. multinationals in the survey that are considering making changes to their plan are considering terminating it or freezing all benefit accruals," said Metz.

More than half (54 percent) of companies with a defined benefit pension plan have recently changed it, or are currently considering a change: 38 percent made a change over the past three years, 16 percent are considering a change over the next 12 months, and six percent say change is pending external factors, such as an increase in interest rates

Employers making changes to their defined benefit plan over the past three years, or considering doing so, have been motivated primarily by escalating costs and funding volatility. Eighty-five percent cited "increased costs," 64 percent "volatility of funding or expense," and 30 percent "accounting requirements."