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Data and Research July 31, 2017
Not All With Access to Retirement Plan Use It
Among private-industry workers, 66% had access to a retirement plan, but only 75% of this group either chose to or met eligibility requirements to participate, according to BLS estimates.
Reported by Rebecca Moore
Retirement and medical care benefits were available to 70% of civilian workers in March, the U.S. Bureau of Labor Statistics (BLS) reported.
According to the BLS report, Employee Benefits in the United States, 94% of union workers had access to employer-sponsored retirement and medical care benefits. For nonunion workers, 66% had access to retirement benefits.
Among private-industry workers, 66% had access to a retirement plan, with a take-up rate of 75% and participation rate of 50% overall. Take-up rate is higher because it includes those in a plan that does not require a participant contribution.
Among major occupational groups, access to retirement benefits ranged from 42% for workers in service occupations to 82% for workers in management, professional, and related occupations.
Ninety-one percent of state and local government employees had access to retirement benefits in March, with an 88% take-up rate and 80% participation. Fifty-eight percent of workers with average wages in the lowest 10% category and 82% in the highest 10% category participated in retirement benefits.
Information about additional benefits, as well as a chart of retirement benefit access by industry, are available here.