The portion of senior executives in the Tri-State area helping to oversee their companies' 401(k) plans has skyrocketed to 94 percent, up from 30 percent last year, according to a just-released survey.

The surge is no surprise, according to Pittsburgh-based Cowden Associates, the retirement consultants that conducted the survey.

"Recent legislation, including the Pension Protection Act and the Supreme Court's ruling that individuals can sue defined-contribution plan sponsors who mismanage their funds, has been a real wake-up call for plan sponsors," said Jim Bartoszewicz, executive vice president at Cowden. "In just one year, we're seeing a significant shift in the way defined-contribution plans are managed."

The survey showed more senior managers were taking a direct role by serving on their organization's investment/retirement committees, which select and monitor the investments offered by the plans, make plan-design changes and oversee plan service providers and their fees.

The survey of 128 area employers also found that 25 percent of companies were automatically enrolling employees in 401(k) plans, up from 16 percent in 2007. Unless the employee opts out, the company automatically deducts a prescribed amount, typically 2 percent or 3 percent of the person's salary. The 2006 pension act encourages companies to take that step as a way to increase Americans' savings rate.

Cowden said the survey also identified a major deficiency among plan sponsors: One-quarter said they did not have an investment policy statement, which outlines the general investment goals and objectives of a retirement plan.