In a survey of 1,469 small to midsize companies, accounting firm Grant Thornton found that 22% of those companies were forced, mostly by burdensome government regulations and rising costs, to drop at least one employee retirement plan at some time.

Here are the reasons that group gave for terminating plans:

Government regulations were too burdensome 33%

Cost to fund program was too high 27

Administrative costs were too high 19

Plan was eliminated owing to merger or acquisition 13

Business climate was unfavorable 9

Other 39

Note: Multiple answers were permitted.

Source: Grant Thornton, Washington, D.C., March 1993.