IBM, once a leader in the shift away from defined-benefit plans to defined-contribution plans in the United States beginning in 1984, is now heading in a new direction with its retirement savings benefit for employees. Many industry observers wonder if other employers will follow IBM's lead this time.

IBM notified employees earlier this month that it will suspend its 401(k) match and 1 percent automatic contribution, as of January 1, and will instead make a monthly account credit toward a new "retirement benefit account" (RBA). The new plan will also provide a one-time salary increase to offset the difference between the current company contribution and the new account credit amount.

Currently, IBM automatically enrolls employees in its 401(k) plan—which it says 97 percent of eligible employees participate in—at 5 percent of their salary, unless they choose a different option. While employees will still be allowed to contribute to a 401(k) and direct investment choices related to those funds, they will not be able to invest funds saved in the new RBA. IBM instead is guaranteeing a 6 percent return on investments through 2026, and the 10-year Treasury yield—currently about 4.5 percent—through 2034.