Last year, a higher percentage of employees worked for employers that offer retirement plans, and a higher percentage of them participated in the plans, according to a new report by EBRI. In 2012, 61% of all workers age 16 or older worked for an employer or union that sponsored a pension or retirement plan, up from 59% in 2009.
Other findings include:
• Participation — The percentage of workers participating in a retirement plan increased to 46% in 2012, up slightly from 2009 (45%) but below the level measured in 2003 (48%).
• Contributions — Average employee contributions dropped from 7.4% in 2009 to 6.7% in 2012 — driven at least partially by the growth of auto enrollment, which tends to bring in more first-time, lower-income participants, but often at lower contribution rates.
• DB vs. DC — DC plans were considered the primary plan by 78% of workers with a plan; DB plans were the primary plan for 21%.
The full report, “Retirement Plan Participation: Survey of Income and Program Participation (SIPP) Data, 2012,” is available here.
