According to Transamerica Center for Retirement Studies, 79 percent of employees are involved in managing their investments; however, 71 percent of respondents said that they don't know as much about investing as they should. A meager 31 percent of respondents expressed strong confidence in their ability to manage their retirement savings better than their employer or an outside financial company.

"It was revealing to find that employees feel the responsibility of retirement guidance lies with the employer," said Catherine Collinson of the Transamerica Center for Retirement Studies. "Moving forward, it will be interesting to see how this issue plays out, considering that President Bush's Retirement Savings Accounts and Lifetime Savings Accounts proposal would place an even greater burden on workers to manage their savings without guidance or assistance from employers."

The survey, which polled 300 small business executives and 600 full-time small business employees, also revealed that workplace retirement benefits were relatively unscathed in the last 12 months, despite the economic downturn. Instead, companies mostly resorted to salary freezes, downsizing, and the elimination of bonuses.

"While it's no secret that workplace retirement benefits are an essential tool for helping workers plan and save for their retirement, it is encouraging to see small business employers treating the benefits as a priority and not a perk," said Collinson.

The number of workers rating retirement benefits as very or somewhat important was 91 percent, a very close second to health insurance (96 percent). Company-matched 401(k) plans are preferred by 65 percent of workers and 64 percent of employers, while a company-funded pension plan is preferred by 28 percent of workers and 29 percent of employers.

The survey also revealed that the struggling economy has not caused employees to make many changes to their retirement investments. Eighty-one percent did not change their asset allocation within their employee-funded retirement plan, and 70 percent held contributions to their retirement plans constant over the last year.