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More workers in retirement plans, study saysPosted by Retirement on: 2005-09-22 08:05:06 in category:
401(k) [ Print | Permalink / 0 Comment(s) ] More U.S. workers were offered, participated in and were vested in a retirement plan in 2003 than five years earlier, according to a study released Wednesday by the Employee Benefit Research Institute in Washington. The growth applied to workers in both the private and public sectors. Among EBRI's findings, which examined the most recent federal data, were: 63% of workers age 16 and over worked for an employer or union that sponsored a retirement plan in 2003, up from 60% in 1998. 48% of all workers age 16 and over participated in a retirement plan in 2003, up from 44% in 1998. 44% of all workers say they were entitled to some pension benefit or lump-sum distribution if they left their job, up from 41% in 1998. The data also showed the shift away from "traditional" defined benefit pension plans and toward defined contribution plans, such as 401(k) plans, in the private sector. A DC plan was the primary retirement plan for 57.7% of participants in 2003, up from 51.5% in 1998 and more than double the 1988 level, the EBRI study reported. Correspondingly, 40.5% reported a defined benefit pension plan was their primary retirement plan in 2003, down from 46.3% in 1998 and 56.7% in 1988. Homepage Please support are sponsors. To design you custom retirement plan. http://www.retirement-plan.us For planing a IRA rollovers. http://www.ira-rollover.us Professional asset allocation and the wonders it can do. http://www.asset-allocation.us Professional money management: National ranked performance. http://www.roth-ira.us Managers selected to fit your needs. http://www.money-managers.us |
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