Pensions and Retirement Accounts

“In March 2017, 67 percent of private industry workers had access to medical care benefits, and 66 percent had access to retirement benefits. Fifty-eight percent of workers had access to both medical care and retirement benefits, while 24 percent of workers had access to neither benefit,” according to an analysis of data from the National Compensation Survey—Benefits.

Among US workers aged 21-64, “approximately one-half (48%) report having experienced an increase in health care costs [premiums or cost-sharing] in the past year” according to an analysis of EBRI’s 2017 Health and Workplace Benefits Survey.  “Of the workers reporting cost increases in their plans in the past year, 26% state they have decreased their contributions to retirement plans, and 43% have decreased their contributions to other savings as a result.” (p. 10- 11)

“Just more than half—53%—of the small and midsize employers surveyed offer a retirement plan to their workers.” Among reasons indicated by those offering retirement plans, “almost all—96%—cited a desire to help employees save for retirement….91% said they felt that offering a retirement plan had a positive impact on employee performance, while 89% said doing so helped attract and retain employees,” according to a 2016 survey of 1600 US businesses conducted by Pew Charitable Trusts. (p. 2 and 7)

Among workers employed in private industry, 66% “had access to employer-provided retirement plans in March 2016. Having access means employers offered the benefit, regardless of whether employees chose to participate. 49% of private industry workers participated in retirement plans in March 2016. That results in a take-up rate—the percentage of workers with access to a plan who participate in the plan—of 75%,” according to a 2017 analysis of National Compensation Survey data by the Bureau of Labor Statistics.

Among workers employed in private industry, 66% “had access to employer-provided retirement plans in March 2016. Having access means employers offered the benefit, regardless of whether employees chose to participate. 49% of private industry workers participated in retirement plans in March 2016. That results in a take-up rate—the percentage of workers with access to a plan who participate in the plan—of 75%,” according to a 2017 analysis of National Compensation Survey data by the Bureau of Labor Statistics.

Among employed adults who participate in 401(k) plans, “over 1/3 [are] contributing 11% or more of their salary to their plan, and many [are] contributing more than 15%.” By generational groups, 29% of Millenials, 24% of GenX, and 18% of Baby Boomers report contributing more than 15% to their plans, according to a 2017 report from Bank of America Merrill Lynch.   (p. 13)

56% of small business owners* offer a retirement plan and 44% do not. Reasons indicated for not offering retirement plans include expense (71%), limited administrative resources (63%), and lack of employee interest (50%), according to a 2017 report from Pew Charitable Trusts. (Methodology and fig. 1)

*Sample included 1600+ U.S. employers with 5- 250 employees.

“Overall, only 57% of wage and salary employees age 25-64 work for an employer that sponsors a retirement plan…Only 54% of Black, 54% of Asian employees and 38% of Latino employees age 25-64 work for an employer that sponsors a retirement plan, compared to 62% of white employees,” according to a 2013 analysis of Current Population Survey data.  (p. 3, Fig. 1)

According to the 2016 Transamerica retirement survey, among workers age 18+ who are currently participating in a retirement plan, "27% have taken some form of loan, early withdrawal, and/or hardship withdrawal from a 401(k) or similar plan or IRA." Generation X (30%) is most likely to have taken a loan or withdrawal. Baby Boomers (28%) are slightly less likely. Millennials (22%) are least likely. (p. 64)

According to a 2016 analysis of data from the Survey of Income and Program Participation (SIPP), 63 percent of women worked in jobs where their employers offered either DB pensions or DC retirement account plans, but only 46 percent of women actually participated some type of retirement plan.” In comparison, 60% of men work in jobs where such plans are offered, and 46% actually participate. (p. 7 and Table 1) 

According to a 2016 analysis of data from the Survey of Income and Program Participation, " in 2012, 63 percent of women worked in jobs where their employers offered either DB pensions or DC retirement account plans, but only 46 percent of women actually participated some type of retirement plan. This is due to the fact that nine percent of women in 2012 were not eligible for their employers' plans and seven percent of women who were eligible chose not to participate in their retirement plans." (p. 7)

According to a 2015 BLS analysis of employee compensation data, "in June 2015, average costs in private industry for retirement and savings benefits were $1.24 per hour worked, or 4.0 percent of total compensation."

According to the 2015 EBRI Retirement Confidence Survey of workers and retirees age 25+, "Twenty-two percent of workers are now very confident about having enough money for a comfortable retirement (up from 13 percent in 2013 and 18 percent in 2014), while 36 percent are somewhat confident. Twenty-four percent are not at all confident (statistically unchanged from 28 percent in 2013 and 24 percent in 2014). ...the increased confidence since 2013 is strongly related to retirement plan participation. Among those with a plan, the percentage very confident increased from 14 percent in 2013 to 28 percent in 2015. In contrast, the percentage very confident remained statistically unchanged among those without a plan (10 percent in 2013, 9 percent in 2014, and 12 percent in 2015)." (p. 1)

According to a 2015 analysis of National Compensation Survey data, "among workers in management, professional, and related occupations in private industry, 80% had access to retirement benefits" and 67% participated -- a take-up rate of 74%. Among workers in service occupations, 39% had access to retirement benefits and 22% participated -- a take-up rate of 55%.

According to a 2015 report from the Bureau of Labor Statistics, "retirement benefits were available to 66 percent of private industry workers in the United States ....Employer-provided retirement benefits were available to 31 percent of private industry workers in the lowest wage category (the 10th percentile). By contrast 88 percent of workers in the highest wage category (the 90th percentile) had access to retirement benefits. In state and local government, 61 percent of workers in the lowest wage category had access to retirement benefits, compared with 98 percent of workers in the highest wage category." (p. 1)

According to a 2015 survey by Transamerica, among employed adults age 18+, "workers of all ages highly value retirement benefits. Fully 89 percent of workers value a 401(k) or similar plan as an important benefit. Seventy-seven percent say that retirement benefits offered by a prospective employer will be a major factor in their decision whether to accept a job offer. Half say they would be likely to switch employers for a nearly identical job with a similar employer that offered better retirement benefits. Flight risk is greatest among the 65 percent of workers in their Twenties, 59 percent in their Thirties, and 54 percent in their Forties who share this sentiment. Workers in their Fifties (43 percent) and Sixties and older (28 percent) are less likely to switch employers for better benefits." (p. 12)

According to a 2015 analysis of CPS data, "more than two thirds (68%) of the working-age population [aged 25-64] did not participate in an employer-sponsored retirement plan because they were not sponsored, did not participate or were not working." (p. 8)

According to a 2015 analysis of CPS data, "of the 53% of workers whose employers offered a retirement plan in 2011, 85% participated in the plan. This means only 32% of U.S. workers participated in an employer-sponsored retirement plan in 2011." (p. 8)

According to a 2015 analysis of CPS data, "as of 2011, only 53% of employed U.S. residents aged 25-64 worked for an employer who offereed access to a retirement savings plan (DB and/or DC plans)," compared to 61% in 1999. (fig. 1, p. 4)

According to the 2014 Retirement Confidence Survey, "among RCS workers who provided information on their retirement savings, 36 percent say they have less than $1,000 (up from 28 percent in 2013)... those who indicate they and their spouse do not have a retirement plan (either an IRA, defined contribution, or defined benefit plan) are far more likely than those who have a plan to be in this group (73 percent vs. 11 percent). Moreover, 68 percent with household income of less than $35,000 a year have savings of less than $1,000. Of those who have saved for retirement, only 38 percent report savings of less than $25,000."

According to the 2014 Retirement Confidence Survey, "64 percent of workers report they or their spouse have saved for retirement (statistically equivalent to 66 percent in 2013), although nearly 8 in 10 (79 percent) full-time workers say that they or their spouse have done so. Here again, participation in a retirement plan mattered: 90 percent of workers participating in a retirement plan had saved for retirement, compared with just 1 in 5 of those without a retirement plan."

According to the 2014 Retirement Confidence Survey, retirement confidence was "strongly correlated with household participation in a retirement plan (including an individual retirement account (IRA)). Nearly half of workers without a retirement plan were not at all confident about their financial security in retirement, compared with only about 1 in 10 with a plan."

According to the 2014 National Study of Employers, "relatively few employers (8%) offer both phased retirement and defined-benefit pension plans. Among those that do, small employers are just as likely as large employers to allow employees to phase into retirement without reducing pension payouts." (p 41)

According to a 2014 Transamerica retirement readiness survey, "most workers (58 percent) expect their primary source of income in retirement to be self-funded through retirement accounts or other savings and investments, including 66 percent of both Millennials and Generation X, and 46 percent of Baby Boomers. Generation X (52 percent) is most likely to cite retirement accounts such as 401(k)s, 403(b)s, or IRAs. Baby Boomers (36 percent) are most likely to cite Social Security, up from 26 percent in 2007." (p. 39)

According to a 2014 analysis of data from four major household surveys, "at any given point, only about half of private sector wage and salary workers age 25-64 participate in any retirement plan. About 65 percent may have access to a plan through their current employer." (p. 1)

According to a 2014 analysis of data from four major household surveys, “about 50 percent of private sector workers participate in a retirement plan…[But], roughly one-third of households reach their sixties with no retirement plan at all.” (p. 5)

According to a 2014 analysis of data from the Health and Retirement Study, among lower-income individuals (under 300% of poverty line), 22% reported that they participated in a pension plan at their current job between 1992-2010, compared to 59% of higher-income individuals (over 300% of poverty line).

According to the 2014 National Study of Employers, "employers with 50 or more employees are most likely (96%) to offer 401(k) or 403(b) retirement plans, with for-profit employers using the former and nonprofits the latter (Table 21). Moreover, 80% of employers make contributions to employees' individual retirement plans. Defined-benefit pension plans continue to decline. Employers offering defined-benefit pension plans have declined from 26% in 2008 to 21% in 2014." (Table 22 and p. 10)

According to a 2014 analysis of CPS data, "for individuals over the age of 65 and in the bottom half of the income distribution for this age group, about 84% of retirement support is from Social Security benefits . ..Only about 12% of those in the lower half of the income distribution report receiving private pension income." (p. 16-17)

According to a 2013 survey by the Associated Press-NORC Center for Public Affairs Research, "56% of college graduates ages 50 or older will or already do receive a pension. This rate falls to 42% for people with a high school degree, a technical school degree, or some college and plummets to just 25% for those with less than a high school degree." (p. 10)

According to a 2012 analysis of Current Population Survey data, "employed Black workers lag slightly behind employed whites in terms of the share of full-time workers who work for employers that offer a retirement plan (62.4 percent vs. 68.5 percent). Employed Latino workers are most disadvantaged in terms of workplace retirement plan access (43.1 percent)."

According to a 2012 analysis of Current Population Survey data, "less than half of Black workers (47.7 percent) and less than a third of Latino workers (31.6 percent) in full-time jobs participate in an employer sponsored retirement plan."

According to a 2012 analysis of US Census data, "Only about a third of African Americans (36 percent) and Asians (29 percent) and one-fifth of Hispanics (22 percent) live in families that receive income from pensions or retirement accounts. Roughly a third of older African Americans and Hispanics (30 percent) and half of older Asians (53 percent) live in families that receive asset income (interest, dividends, or rental income)."

According to a 2013 analysis of National Compensation Survey data, among all US workers, "70 percent have access to medical benefits and 65 percent have access to retirement benefits. A somewhat smaller percentage of workers have access to both benefits (58 percent), while only 12 percent have access to medical benefits without retirement benefits and 7 percent have access to retirement benefits without medical benefits."

According to a 2013 analysis of National Compensation Survey data, "more than three times as many full-time workers have access to medical benefits as their part-time counterparts: 86 percent of full-time workers have access to medical benefits, compared with 24 percent of part-time workers. Similarly, full-time workers are nearly twice as likely as part-time workers to have access to retirement benefits: 74 percent for full-time workers and 38 percent for part-time workers. In terms of combinations of both benefits, the majority of full- time workers have access to medical and retirement benefits while the majority of part-time workers have access to neither benefit."

According to a 2012 analysis of National Compensation Survey data, "confirming previous studies, plans with automatic enrollment have higher participation rates than those without this plan feature. Only 67.3 percent of workers participate in plans without an autoenrollment provision, compared with 77.1 percent of workers in plans with automatic enrollment." (p. 1)

According to a 2012 analysis of National Compensation Survey data, "overall, 14.5 percent of workers in savings and thrift plans with flat match structures have an automatic enrollment feature. This percentage varies dramatically by industry and firm size. One in five workers employed by large firms with at least 1,000 employees are automatically enrolled, for example, compared with only one in eight workers in small firms with less than 500 employees". (p. 1)

According to a 2012 global survey of workers in various markets, among benefits offered by US employers, the highest "take-up" rates (the percentage of employees that chose to participate) are for 401(k) programs, with approximately 65% participation, and employer-paid health coverage, with a take up rate of 63%. Among employer-sponsored benefit options, those that had greatest perceived utility among older workers were salary increases and defined benefit payments.

According to a 2012 analysis of National Compensation Survey data, "nearly two-thirds of private industry workers had access to some form of retirement plan, typically either a defined-benefit plan (such as a pension) or defined-contribution plan (such as a 401(k)), and 48 percent chose to participate in a retirement benefit plan."

According to a 2012 analysis of National Compensation Survey data, "access to retirement plans varied significantly by major occupational group, full- or part-time status, bargaining status, and wage category. Management, professional, and related occupations had nearly twice the access rate and more than 3 times the participation rate of service occupations. Similarly, full-time workers had nearly twice the access rate and 3 times the participation rate of part-time workers. Union workers showed very high access (92 percent) and participation (85 percent) rates for retirement plans".

According to the 2012 National Study of Employers, "employers offering defined-benefit pension plans have declined from 34% in 2005 to 22% in 2012. However, employers are now more likely to contribute to employees' retirement plans (up to 83% in 2012 from 74% in 2005)." (p. 7)

According to the 2012 National Study of Employers, "employers in 2012 are less likely (22%) than those in 2005 (34%) to provide defined-benefit pension plans or assistance in obtaining public benefits (20% in 2005 compared with 15% in 2012). However, employers in 2012 are more likely (96%) than employers in 2005 (83%) to provide 401(k), 403(b) or other retirement plans. They are also more likely (83%) than employers in 2005 (74%) to make contributions to employees' retirement plans." (p. 36)

According to a 2011 GAO analysis of data from the BLS and Census Bureau, "44 percent of full-time workers in their 50s have neither a defined benefit (DB), nor defined contribution (DC) pension from their current employer." (p. 6)

According to a 2011 analysis of National Compensation Survey data, "64 percent of all private industry employees had access to retirement benefits, compared with 90 percent of state and local government employees. Eighty-five percent of state and local government employees actually participated in a retirement plan, compared with 49 percent of private industry workers."

According to a 2010 analysis of National Compensation Survey data, "workers in larger establishments (100 or more workers) were almost 3 times more likely than their counterparts in smaller firms (1 to 99 workers) to work for a company that includes an automatic enrollment provision in its savings and thrift retirement plan: 25 percent compared with 9 percent... Among all private industry workers who participated in savings and thrift plans, 19 percent had automatic enrollment in such plans."

According to a 2010 analysis of National Compensation Survey data, "while 21 percent of private industry workers in the highest wage quartile had employers that automatically enrolled employees in their company's savings and thrift [retirement] plan, only 11 percent of workers in the lowest quartile had this provision available. Workers in larger establishments were almost 3 times more likely than their counterparts in smaller firms to work for a company that includes an automatic enrollment provision in its savings and thrift retirement plan, 25 percent compared with 9 percent."

According to a 2011 report from the Social Security Administration, "over the 47-year period [1962-2009], receipt of private pensions has more than tripled, and receipt of government pensions has increased by approximately 50%." In 2009, 28% of married couples and single persons aged 65 and older received income from private pensions and 14% received government employee pensions. (p. 5)

According to the 2011 EBRI Retirement Confidence Survey, in regard to employer-sponsored retirement savings plans, "seventy-nine percent of eligible workers (36 percent of all workers) say they participate in such a plan with their current employer. Furthermore, 28 percent of participants report that they have increased the percentage of their salary that they contribute to the plan in the past year, and just 4 percent report they decreased the percentage." (p. 19-20)

According to a 2011 survey of business executives and benefit administrators, 84% of employers surveyed anticipate that their older employees will work longer to extend the benefits of their 401(k) plan. (p. 9)

According to 2010 data from the BLS Compensation Cost Trends program, "in June 2010, average costs in private industry for retirement and savings benefits were 96 cents per hour worked, or 3.5 percent of total compensation. the costs of retirement and savings benefits were higher, both in amount and as a proportion of total compensation, for union workers ($2.63 and 7.0 percent of total compensation) than for nonunion workers (78 cents and 2.9 percent of total compensation)."

According to a 2011 analysis of Census Bureau data, "those individuals age 55 or older with pension income in their own name have a lower labor-force participation rate than those without this income. In 2009, 23.6 percent of those with pension income were in the labor force, compared with 50.3 percent of those without pension income (fig. 5, p. 9)

According to the 2010 SHRM Employee Benefits Survey, "97% of companies offered at least one retirement plan. Overall, defined contribution retirement plans (92%) were most common type of plan offered, followed by Roth 401(k) savings plans (28%), traditional defined benefit pension plans (27%) and cash balance pension plans (9%). In addition, 11% offered supplemental executive retirement plans (SERPs)." (p. 18)

According to a 2010 EBRI report, "among full-time, full-year wage and salary workers ages 21-64 (those with the strongest connection to the work force), 61.8 percent worked for an employer or union that sponsors a plan. This is down almost a percentage point from 2008 and almost 8 percentage points lower than the sponsorship high point of 69.4 percent measured in 1999." (p. 1)

According to a 2010 EBRI report, "participation [in an employment-based retirement plan]increases with age (61.2 percent for wage and salary workers ages 55-64, compared with 30.6 percent for those ages 21-24). (p. 1)

According to the 2010 MetLife report on emplyee benefit trends, 43% of employers report the perception that providing retirement benefits contributes to employee loyalty; in contrast, 67% of employees indicate that the availability of retirement benefits contributes to their loyalty to their employer. (p. 18)

According to a 2010 analysis of data from the BLS National Compensation Survey, "about 64 percent of both full- and part-time civilian employees in the United States have access to both an employer-sponsored medical care plan and an employer-sponsored retirement plan. Another 15 percent of civilian employees have access to either a medical care plan or a retirement plan but not both. The remaining 20 percent of civilian employees have access to neither a medical care plan nor a retirement plan." (p. 1)

According to a 2010 analysis of data from the BLS National Compensation Survey, "health insurance costs represent about 8.1 percent of total compensation (wages and benefits) and retirement about 4.5 percent of total compensation. Combined, these two benefits represent 12.5 percent of total compensation and 41.3 percent of the total cost of employee benefits." (p. 1)

According to a 2010 analysis of data from the BLS National Compensation Survey, "full-time workers are more likely to have access to both retirement and medical care benefits than part-time workers (77 percent compared with 20 percent), while part-time workers are less likely to have access to either benefit (56 percent to 9 percent)." (p. 2)

According to a 2010 analysis of data from the BLS National Compensation Survey, "about 86 percent of employees in establishments with 500 or more workers have access to both medical care and retirement plans, while about 40 percent of workers in establishments with 1-49 workers have similar access. About one third of employees in establishments with 1-49 employees do not have access to either retirement or medical care plans, while 7 percent of employees in establishments with 500 or more employees do not have access to either benefit." (p. 2)

According to a 2010 analysis of data from the BLS National Compensation Survey, "about one in three civilian workers in the lowest 25th percentile of earnings have access to both medical care benefits and a retirement plan, while access to both benefits ranges from 67 percent to 86 percent for workers in the highest three quartiles." (p. 3)

According to a 2010 survey of large employers conducted by AARP, "the vast majority (94%) of employers surveyed report that they are either 'very familiar' or 'somewhat familiar' with automatic enrollment in 401(k) plans. While familiarity with automatic escalation is lower than familiarity with automatic enrollment, a majority (78%) of employers also report that they are familiar with automatic escalation." (p. 1)

According to a 2010 survey of large employers conducted by AARP, "although nearly all large employers with 401(k) plans are at least somewhat familiar with automatic enrollment, the majority have not adopted it for their own 401(k) plan. Specifically, less than half (42%) of respondents report that their 401(k) plan includes automatic enrollment. Fewer (28%) report that their 401(k) plans have an automatic escalation feature." (p. 1)

According to a 2010 survey of large employers conducted by AARP, "when asked why they do not have automatic enrollment for their 401(k) plan, employers without automatic enrollment most frequently cited employee-related challenges such as a concern that employees would not like automatic enrollment (30%), costs (20%), contentment with the status quo (14%), and a lack of information (10%)." (p. 2)

According to a 2010 analysis of data from the Survey of Consumer Finances, "1.2 percent of individual account retirement plan assets were owned by families with family income below $20,000, 15.1 percent for families with family incomes of $100,000-$149,999, and 49.9 percent for families with family incomes of $150,000 or more. The families in the top 10 percentile of net worth owned 59.6 percent of individual account retirement plan assets, compared with 0.5 percent of those in the bottom 25 percent of net worth." (p. 4)

According to a 2010 analysis of data from the Survey of Consumer Finances, "approximately 70 percent of the employment-based retirement plan assets were held by families headed by individuals ages 45-64. The largest concentration of IRA and Keogh assets is held by families with heads in the next oldest age group (ages 55-74), who own just over 60 percent of these assets....just less than 90 percent of individual account retirement plan assets were held by families headed by white, non-Hispanic individuals." (p. 2)

According to a 2010 analysis of National Compensation Survey data, "twenty percent of private industry workers and 79 percent of State and local government workers participated in a defined benefit retirement plan in March 2009. Of those that participated in defined benefit plans, 19 percent of private industry workers and 10 percent of State and local government workers were in frozen plans. [Frozen plans are those that are closed to employees not previously participating in the plan and/or place limits on future benefits for some or all active participants.] The remaining 81 percent of private industry defined-benefit planparticipants and 90 percent of State and local government definedbenefit plan participants were in open plans, which are active plans available to current and new employees." (p. 1)

According to a 2010 analysis of National Compensation Survey data, "among private industry occupational groups, the percent of employees participating in defined benefit plans that were frozen plans ranged from 8 percent for natural resources, construction, and maintenance occupations to 22 percent for management, professional, and related occupations." (p. 1)

According to a 2010 Urban Institute report, "the retirement benefit take-up rate -- defined as the number of new retirement awards in a given year divided by the number of adults age 62 and older who had not yet begun collecting benefits at the start of the year -- reached 25.8 percent for men in 2009, up from 22.7 percent in 2008 and 21.2 percent in 2007. For women, the take-up rate reached 36.6 percent in 2009, up from 34.8 percent in 2008 and 32.9 percent in 2007." (p. 18-19)

According to a 2010 BLS report, "thirty-one percent of civilian workers in the lowest 10 percent of the national earnings range had access to defined-contribution retirement plans, compared with 68 percent of workers in the highest 10-percent earnings category." (p. 1)

According to a 2010 BLS report, for employees eligible to participate in a defined-contribution retirement plan, "13 percent of the lowest paid workers participated, compared with 55 percent for the highest paid workers." (p. 1)

According to a 2010 BLS report, take-up rate (the percentage of workers with access to a plan who participate in the plan) for [defined-contribution] plans was 40 percent among the lowest paid workers, compared with 80 percent among the highest paid workers." (p. 1)

A 2009 analysis of data from the Sloan Center on Aging and Work shows that "organizations with a union presence (27%) were more likely to offer guaranteed or defined pension benefits to all of their employees than organizations without a union presence (16%). However, organizations with a union presence were no different from organizations without a union in terms of the proportion of their work forces that have access to a defined contribution retirement plan." (p. 139)

According to a 2010 EBRI analysis of CPS data, "individuals age 55 or older with defined benefit pension income have a lower labor-force participation rate than those without this income. In 2008, 24.9 percent of those with pension income were in the labor force, compared with 49.8 percent of those without pension income." (Fig. 5, p. 12)

According to a 2009 MetLife survey of 240 large employers, "among the survey respondents who offer a DB [defined benefit] plan (51% of all respondents), 97% indicated that their company has offered a DB plan for 20 years or more, including 36% of respondents who said their company has offered a DB plan for 40+ years. Among those whose company offers a DC [defined contribution] plan, 51% have offered the plan for less than 20 years. (p. 19)

According to a 2009 MetLife survey of 240 large employers, among employers who offer "DB and DC plans" and those who offer a "DC plan only", 76% of those who offer "DC plans only" believe that regulatory complexities and ambiguities impact their organization's ability to offer a phased retirement program, compared to 65% of employers who offer both DB and DC plans. Similarly, 56% of employers who offer "DC plans only," and 45% of employers who offer both plans, believe that rules prohibiting the modification of plan distribution options (and other features) are a key barrier to phased retirement programs." (p. 21)

According to a 2009 MetLife survey of 240 large employers, "employer familiarity with the PPA [Pension Protection Act of 2006] is high -- 35% of all employers say they are very familiar with provisions that allow for in-service retirement distributions to those who remain in the workforce to age 62 and older and 51% say they are somewhat familiar with that provision." (p. 26)

According to a 2009 MetLife survey of 240 large employers, among steps being considered to manage the knowledge drain: "four in ten are considering introducing technology as a way to transfer knowledge to younger employees (41%), implementing part-time work programs as a way to help employees ease into retirement (39%) and offering pension benefits to partially retired/partially in-service employees (32%)." (p. 14)

In a 2009 McKinsey survey of business executives worldwide, 79% of respondents indicate that attention to issues related to pensions and retirement benefits has increased as a result of the financial crisis. (Exhibit 4, p. 4)

In a 2009 McKinsey survey of business executives worldwide, 18% of respondents indicate that their companies have increased their level of engagement in issues related to pensions and retirement benefits, while 64% report the same level of engagement as a result of the financial crisis. (Exhibit 2, p. 3)

According to a 2009 Bureau of Labor Statistics report, "in March 2008, the total cost to employers of private-industry retirement plans was 96 cents per hour worked. The cost of defined-contribution plans, 53 cents per hour, was higher than the cost of defined-benefit plans, 43 cents. However, because the percentage of employees participating in defined-contribution plans was more than double the percentage participating in defined-benefit plans, the cost per participating employee is higher for defined-benefit plans than for defined-contribution plans." (p. 3-4)

According to a 2009 Bureau of Labor Statistics report, "forty-three percent of private-industry workers had a defined-contribution plan and 20 percent had a defined-benefit plan" in March, 2008. (p. 1)

According to a 2009 analysis of CPS data, "about 56 percent of all working-age (21-64) wage and salary employees work for an employer or union that sponsors a retirement plan. Among full-time, full-year wage and salary workers ages 21-64 (those with the strongest connection to the work force), just under 63 percent worked for an employer or union that sponsors a plan. Among full-time, full-year wage and salary workers ages 21-64, just under 55 percent participated in a retirement plan." (p. 1)

According to a 2009 Bureau of Labor Statistics report, "overall, union workers' rate of participation in retirement plans--at 80 percent--was greater than that of nonunion workers, which was 48 percent." (p. 2)

According to a 2009 analysis of CPS data, participation in employer-sponsored retirement plans "increases with age (62.7 percent for wage and salary workers ages 54-64, compared with 29.4 percent for those ages 21-24)." (p. 1)

According to a 2009 Bureau of Labor Statistics report, "in March 2008, 95 percent of employees who had access to a defined-benefit plan chose to participate in the plan, compared with 70 percent of employees with access to a defined-contribution plan. About two-thirds of the people who participated in defined-contribution plans were required to contribute to the plans, compared with 1 out of 25 persons in defined-benefit plans." (p. 3)

Data from the 2009 National Compensation Survey indicate that "sixty-seven percent of private industry employees had access to retirement benefits, compared with 90 percent of State and local government employees. Eighty-six percent of State and local government employees participated in a retirement plan, a significantly greater percentage than for private industry workers, at 51 percent." (p. 1)

According to a 2009 MetLife study, 50% of employees surveyed expressed interest in having their employers provide ways to convert retirement plan lump sums into income for life. On the other hand, only 21% of employers have expressed interest in having their company provide solutions that accomplish this goal. (p. 48)

According to a 2009 survey of retirement investors, 92.4% of respondents prefer to have an automatic payroll deduction as a method of saving for retirement, compared to 4.9% who prefer to save for retirement on their own, depending on what they can afford. (p. 4)

According to a 2009 MetLife study, 33% of employee respondents stated "that they were concerned that their employer may reduce or cut employee benefit expenses in the next 12 months due to the economy." (p. 15)... In contrast, the majority of employers continue to see the value in offering employee benefits and most do not plan the cutbacks that employees fear. Just 15% are considering a reduced 401(k) match, only 12% are considering reducing the coverage levels of benefits offered, and only 10% may shift additional costs to employees." (p. 16)

According to a 2009 report from the Bureau of Labor Statistics, "many employers have opted to freeze their current defined benefit plan and provide an alternative. Data from the March 2008 National Compensation Survey on employee benefits indicate that a fifth of all private industry workers participating in a defined benefit plan are affected by a freeze." 

According to the 2009 Retirement Confidence Survey, "forty-two percent of workers expect an employer-sponsored retirement savings plan to be a major source of income in retirement. Almost a third of workers expect Social Security (32 percent) and a pension (28 percent) to be major sources of retirement income...81 percent report they expect to receive at least some income from Social Security...Roughly 7 in 10 workers each say they anticipate receiving retirement income from an employer-sponsored retirement savings plan (75 percent), an individual retirement account (IRA) (63 percent), and other personal savings and investments (70 percent). Fifty-nine percent indicate they will receive income from an employer-sponsored traditional pension or cash balance plan." (p. 17)

According to a 2009 analysis of U.S. Labor Department data, "Employer-sponsored retirement plans are available to only about 38 percent of older Hispanic wage and salary workers, compared with about 64 percent of non-Hispanic whites and 55 percent of non-Hispanic blacks." (p. 19)

According to a 2009 analysis of U.S. Labor Department data, "The share of older Hispanic wage and salary workers with health benefits from their current employer stands at only about 49 percent, compared with about 65 percent for non-Hispanic whites and 62 percent for non-Hispanic blacks. (p. 19)

According to a 2009 report from Vanguard, "as of December 2008, 19% of Vanguard [defined contribution retirement] plans permitting employee-elective deferrals had adopted components of an autopilot design. Large plans are more likely to implement automatic enrollment, with more than 40% of mid-sized and large plans providing the feature. As a result, 43% of all participants are now in plans with autopilot designs." (p. 19)

According to a 2009 analysis of US Current Population Survey data, "37% of men and 32% of women aged 55 to 64 who received income from a pension in 2008 were employed in March 2009. (p. 14)

According to a 2009 analysis of US Current Population Survey data, show that among men aged 55 to 64 who received pension income in 2008, 37.2% were employed full or part time in March 2009. Relatively few men aged 65 or older who received income from pensions engaged in paid employment: only 10% to 13% were employed, on average, at any point during the period [from 1990 to 2008]. Women who received pension income were less likely than men to be employed. Among women 55 to 64 years old who received income from a pension or retirement savings plan in 2008, 32.2% were employed in March 2009. Among women aged 65 or older who received income from a pension or retirement savings plan, only 6% to 9%, on average, were employed at any time during the period from 1990 to 2008." (p. 9-10)

According to a 2009 analysis of data from the Survey of Consumer Finances, "in 2007, 40.6 percent of families included a participant in an employment-based retirement plan (either a defined benefit or defined contribution plan) from a current job. In 2007, 66.2 percent of families had a participant in [either] a current or previous employer's retirement plan or an IRA/Keogh." (p. 1)

In a 2009 multigenerational survey of retirement plans, "almost 60% of Americans say they have lost money in mutual funds, 401(k) plans, or the stock market in the last twelve months. Men and women in or near retirement suffered the greatest losses," with 61% of boomers and 63% of silent generation respondents reporting such loss, compared to 45% of millenials. (fig. 1, p. 4)

A 2009 analysis of data from the Survey of Consumer Finances indicates "that 62% of workers under age 65 were employed at jobs that offered some form of employer-sponsored retirement plan in 2007. This figure includes both defined benefit plans and defined contribution plans." (p. 2)

A 2009 analysis of data from the Survey of Consumer Finances indicates that "forty-nine percent of workers under age 65 participated in employer-sponsored retirement plans in 2007, little changed from the 48% who participated in employer-sponsored plans in 2004 and the 50% who participated in 2001." (p. 3)

A 2009 analysis of data from the Survey of Consumer Finances indicates that "workers at large firms were much more likely to have been offered a retirement plan than those employed at small firms. In 2007, 77% of workers employed at firms with 100 to 499 employees, and 88% of workers employed at firms with 500 or more employees, worked for employers that offered a retirement plan of some kind. In contrast, just 15% of employees at firms with fewer than 20 employees worked for employers that offered a retirement plan in 2007. This represents a substantial drop from 2001, when 22% of employees at firms with fewer than 20 employees worked at firms that offered a retirement plan." (p. 3)

According to a 2009 analysis of data from the Survey of Consumer Finances, "almost 7.4 million households headed by persons 55 to 64 years old had no retirement savings accounts in 2007. Among the 81 million households that included at least one worker under age 65 in 2007, 29.8 million--or 37%--did not own a retirement savings account of any kind. The median retirement account balance among households with one or more workers under age 65 that owned a retirement account in 2007 was just $45,000. (p. 15)

A 2009 analysis of data from the Survey of Consumer Finances indicates that "full-time workers were much more likely than part-time workers to have been offered the opportunity to participate in an employer-sponsored retirement plan. In 2007, 66% of full-time workers were offered a retirement plan at work, compared to 36% of part-time workers. More than half of full-time workers (53%) participated in employer-sponsored retirement plans in 2007, compared to just 19% of part-time workers. (p. 3)

A 2009 review of "251 401(k) plan sponsors that have suspended matching contributions for their approximately 4.4 million workers finds that those [companies] employing 50 percent of the workers [whose 401(k) plans were suspended] also maintained an open defined benefit plan. An additional 16 percent of workers were with employers that were still obligated to fund a frozen defined benefit plan. Further, 8 percent of the workers were with an employer that had both an open and a frozen defined benefit plan that carried funding obligations." (p. 12)

According to a 2009 survey of employees and retirees, "55 percent of workers with DB [defined-benefit] plans are very confident of having enough resources to live comfortably five years into retirement compared with 38 percent of those with only DC [defined contribution] plans.When looking at 15 years out, only 26 percent of workers with DB plans remain very confident, nearly double the level of workers with DC-only plans (14 percent).

According to a 2009 AARP survey of adults ages 45 and older,  21% of respondants ages 45-54 and 24% of those ages 55-64 reported that their employers stopped contributing to their 401(k) plans. (p. 1)

A 2008 tabulation of CPS data shows that "in 1974, only about one-quarter of retirees received income from employment-based pensions and annuities, whereas in 2007, over one-third were receiving retirement income from this source." (table 7.5)

A 2009 analysis of Census Bureau data shows that "in 2007, Social Security was the largest source of income for those currently age 65 and older, accounting for 38.6 percent of their income on average. Pension and annuity income was 18.6 percent, income from assets 15.6 percent, and income from earnings was 25.3 percent." (p. 9)

A 2009 analysis of the most recent SIPP data [2006] shows that "the sponsorship level for all workers for pay ages 16 and over (defined as the fraction of workers whose employer or union sponsors a pension or retirement plan for any of the employees at the workers' place of employment) was 59 percent in 2006.... The percentage of workers participating in a plan regardless of whether the plan was sponsored at the workers' place of employment (the participation level) was 44 percent in 2006. (p. 2)

A 2009 analysis of the most recent SIPP data [2006] shows that "overall, 67.1 percent of participants had a defined contribution (401(k)-type) plan as their primary plan in 2006; this is larger than in 2003 and more than double the level found in 1988. Correspondingly, a smaller percentage of workers had a defined benefit (pension) plan as their primary plan: 30.9 percent in 2006, compared with 46.3 percent in 1998, and substantially lower than the 56.7 percent level found in 1988." (p. 1)

A 2009 analysis of the most recent SIPP data [2006] shows that "salary reduction plans (such as 401(k) plans) are the predominant type of defined contribution plan. The sponsorship level of these plans for nonagricultural wage and salary workers age 16 and over was 52.4 percent from 2006, a steady increase from 45.9 percent in 1998. The participation level was 36.3 percent in 2006, also higher than 15.3 percent in 1988. However, the average employee contribution to these plans remained unchanged in 2006 (at 7.5 percent), after increasing gradually from 7.1 percent in 1993." (p. 1)

According to a 2009 report on a survey of over 500 employers, "more than 90 percent of participating organizations offer a 401k plan to employees. Two-thirds (66 percent) of organizations indicated that at least 70 percent of their eligible employees participated in a 401(k) plan in 2008." (p. 2)

According to a 2009 report on a survey of over 500 employers, "only 5 percent of participating organizations have either eliminated or decreased their 401(k) match in the 12 months prior to data collection in December 2008." (p. 2)

According to a 2009 report on a survey of over 500 employers, "forty-four percent of participating organizations offer automatic enrollment in 401(k) plans." (p. 3)

According to a 2009 analysis of HRS data, "many older workers lose pension coverage when they switch careers. The employer-sponsored pension coverage rate for workers who change occupations after age 51 falls from about 61 percent on the old job to about 20 percent on the new job." (p. 18)

According to a 2008 analysis of Current Population Survey data, between 2000 and 2007, the number of private-sector workers between the ages of 25 and 64 who participated in employer-sponsored retirement plans fell from 46 million to 44 million. The percentage of workers who participated in an employer sponsored plan fell from 50.3% in 2000 to 45.1% in 2007

According to a 2009 analysis of participation in 401(k) plans, "maximum contributions are closely related to income. Less than 2 percent of those earning $40,000-$60,000 contribute the maximum compared to 30 percent for those earning $100,000 or more." (p. 5)

According to a 2008 analysis of retirement resources of women aged 55-64, "in 2004, 63 percent of women aged 55-64 had participated in a pension plan during their working life compared with 52 percent of their counterparts in 1994. In contrast, the percentage of men who ever participated in a pension plan remained stable at about 75 percent, with a pension in both years. (p. 6)

According to a 2009 survey of HR executives, "twelve percent of respondents (up from 3 percent in December) have lowered their company 401(k) or 403(b) match," while "79 percent of respondents have noticed 401(k) or 403(b) participants changing their investment mix to move out of equities (up 20 percentage points from 59 percent in December)." (p. 2)

According to a 2009 analysis of participation in 401(k) plans, data from "the 2007 SCF suggests that the movement to auto enrollment has begun to improve the picture somewhat, driving the non-participation rate down slightly to 20 percent". (p. 4)

A 2008 analysis of Current Population Survey data shows that "when looking at workers by age across earnings, younger workers are less likely to be a retirement plan participant than older workers with the same earnings. Even for the highest earners ($50,000 or more), 49.2 percent of those ages 21-24 participated in a plan, compared with 74.4 percent of those ages 45-54. (p. 14)

Acording to a 2008 analysis of Current Population Survey data, among wage and salary workers ages 21-64, 57.6 percent worked for an employer or union that sponsored a pension or retirement plan. The portion participating in the plans was 47.4 percent. When separating these wage and salary workers into the public and private sectors, the percentages participating differ significantly. Approximately 75 percent (75.4 percent) of the public-sector workers participated in an employment-based retirement plan, compared with 42.0 percent of the private-sector workers. (p. 6)

A 2008 analysis of Census Bureau data shows that, "in 2007, 28.7 percent of men age 50 and older with a graduate-level education received an annuity and/or pension income, compared with 19.8 percent of men without a high school diploma -- a differential of 8.9 percentage points." (p. 2)

According to a 2008 analysis of Current Population Survey data,"the percentage of wage and salary workers ages 21-64 participating in a retirement plan in 2007 increased with age. For those ages 21-24, 19.6 percent participated in a plan, compared with 56.6 percent of those ages 55-64. (p. 7)

A 2008 analysis of Census Bureau data shows that "retirement benefits remain the largest single sector of benefits expenditures by employers, although health benefits have been catching up. By 2007, retirement benefits accounted for 47.7 percent of the total spending for benefits, while health benefits had increased to 42.8 percent of total benefit spending. "Other benefits" account for 9.5 percent. (p. 1)

According to a 2009 analysis of SIPP data, the main reasons eligible workers do not participate in traditional 401(k) plans are due to economic and financial factors that prevent them from being able to contribute (38% say they "can't afford to contribute") or liquidity constraints that prevent them from feeling comfortable committing to a long-term savings plan (25% "don't want to tie up money"). Procrastination and/or inertia are the second most common reasons given for nonparticipation. For example, thirteen percent of workers answered that they "haven't thought about it" as to why they did not participate (p. 54)

A 2008 analysis of Census Bureau data shows that "while fewer individuals age 50 and over received pension income from a public-sector plan (7.2 percent) than from a private-sector plan (12.0 percent) in 2007, the average amount an individual received from a public-sector plan ($23,721) was considerably larger than that received by a private-sector plan recipient ($12,599). (p. 5)

A 2008 analysis of Census Bureau data shows that "in 2007, 42.6 percent of men age 65 and over received annuity and/or pension income, with a mean amount of $18,293 per year. In comparison, only 27.9 percent of women age 65 and over received annuity and/or pension income that year, with mean pension income of $11,895. Hence, a woman age 65 and over in 2007 was almost two-thirds (65.5 percent) as likely to receive an annuity and/or pension payment as her male counterpart. If she did receive one, her mean benefit was likely to be about 65 percent of that received by a man in the same age group." (p. 3)

In a 2008 survey of retirement plan experts, respondents project that within 5 years, 40% of retirement plans will include a lifetime benefit option, such as an annuity. It was also projected that 32% of employers will offer phased retirement plans, which allow aging participants to remain employed after they start taking distributions from retirement plans. (p. 11)

According to a 2003 survey of over 500 employers, "of those establishments that permit an older employee to reduce hours before official retirement, 26% would not alter health insurance benefits, and 40% would permit the employee to draw pension benefits. (p. 3)

A 2008 analysis of data from the Health and Retirement Study shows that "Social Security and traditional pension benefits comprise a substantial share of wealth for typical near-retiree households. Middle-quintile households have $151,000 in Social Security wealth per adult and $72,000 in pension wealth per adult. Together, Social Security and pensions account for nearly two-thirds of their $361,000 in total wealth. (p. 1)

A 2009 analysis of Bureau of Labor Statistics data shows that "defined benefit plans are becoming less common, but they continue to cover all federal government employees, about 88% of full-time state and local government workers and about 20% of private-sector workers." (p. 8)

A 2008 analysis of Current Population Survey data shows that among men aged 55 to 64 who received income from a pension or retirement savings plan during 2007, 37.4% were employed either full or part time in March 2008. Among men aged 65 or older who received income from pensions or retirement savings plans, only 12.2% were employed, in 2007. Among women 55 to 64 years old who received income from a pension or retirement savings plan in 2007, 35.1% were employed in March 2008. compared to 9%, of women. (Table 6, p. 94)

A 2008 analysis of Social Security Administration data shows that 37% of men and 35% of women aged 55 to 64 who received income from a pension in 2007 were employed in March 2008. (p. 98)

According to a 2008 analysis of CPS data, 17% of men aged 55 to 64 were receiving pension income in 2007; this represents a decline from 19% who received such income in 2000. Over the same period, the proportion of men aged 65 or older receiving pension income also fell, declining from 43% in 2000 to 41.6% in 2007. The proportion of women aged 55 to 64 with pension income fell slightly from 12% in 2000 to 11% in 2007. Among women 65 or older, 28% received income from pensions and retirement savings plans in 2007, compared to 29% in 2000. (p. 8)

According to a 2008 analysis of CPS data, "among men aged 55 to 64 who received income from a pension or retirement savings plan during 2007, 37.4% were employed either full or part time in March 2008. Among women 55 to 64 years old who received income from a pension or retirement savings plan in 2007, 35.1% were employed in March 2008.".... "Relatively few men aged 65 or older who received income from pensions or retirement savings plans also engaged in paid employment: only 10% to 13% of men  were employed, on average, at any point during the period shown in the table.  Among women aged 65 or older who received income from a pension or retirement savings plan, only 6% to 9%, on average, were employed at any time during the period from 1990 to 2007." (Table 6, p. 9-10)

According to a 2008 analysis of Social Security Administration data, "37% of men and 35% of women aged 55 to 64 who received income from a pension in 2007 were employed in March 2008." (Table 6, p. 13)

According to a 2008 report from the Employee Benefit Research institute, half of retirees with a defined benefit pension state that receiving a full pension while working part time would have been effective in delaying their retirement (50 percent), and almost as many feel this way about receiving a partial pension while working part time (44 percent). Seven in 10 of those rating each among the top two most effective incentives report they would likely have stayed at least two more years if it had been offered to them (72 percent for full pension, 71 percent for partial pension). (p. 3)

According to the 2008 National Study of Employers, 14% of employers allow phased retirement and offer defined-benefit pension plans. Among those, 78% allow employees to phase into retirement without reducing their pension payouts. (Table 19, p. 30)

According to the 2008 National Study of Employers, among the benefits to financial security offered by employers, 26% offer a defined/guaranteed benefit pension plan, 76% offer a company contribution to a retirement plan, and 34% offer a long-term care insurance plan. (Table 30, p. 6)

In June 2008, according to data collected by the Bureau of Labor Statistics, "average costs in private industry for retirement and savings benefits were 95 cents per hour worked, or 3.6 percent of total compensation. The average cost per hour worked for defined benefit plans--retirement plans that typically specify a benefit based on age, years of service, and earnings--was 42 cents (1.6 percent of total compensation). The average cost for defined contribution plans--retirement plans usually based on employer contributions to individual employee accounts--was 53 cents (2.0 percent of total compensation)." (p. 2)

According to a 2008 BLS report, "sixty-one percent of private industry employees had access to paid retirement benefits, compared with 89 percent of State and local government employees. Eighty-six percent of government employees participated in a retirement plan, significantly greater than the approximately half of private industry workers." (p. 1 and Table 1)

According to a 2008 BLS report, "virtually all full-time employees in State and local government had access to retirement and medical benefits: 99 and 98 percent, respectively. In private industry, only 71 percent of full-time workers had access to retirement benefits and 85 percent to medical care." (p. 1)

In June 2008, "employers spent an average of $1.25 for employee retirement and savings plans for every hour worked, according to the U.S. Department of Labor's Bureau of Labor Statistics. This accounted for 4.4 percent of total compensation. Total compensation (wages and salaries and benefits) for civilian workers averaged $28.48 per hour worked in June 2008. Wages and salaries, which averaged $19.85, accounted for 69.7 percent of these costs, while benefits, which averaged $8.64, accounted for the remaining 30.3 percent. (p. 1)

According to a 2008 BLS report, "among all workers, there has been a decrease in the percentage covered by defined benefit ("payout") plans and an increase in the percentage covered by defined contribution ("pay in") plans."  In 2007, 43% of workers were covered by defined contribution plans, compared to 35% in 1992-93.  In 2007, 20% of workers were covered by defined benefit plans compared to 32% in 1992-93.

A 2007 analysis of Census Bureau Data shows that "those individuals age 55 or older with pension income have a lower labor-force participation rate than those without this income. In 2005, 23.6 percent of those with pension income were in the labor force, compared with 47.6 percent of those without pension income." (Fig. 5, p. 5)

According to a 2008 analysis of data from the 2002 National Study of the Changing Workforce, over 90% had access to health insurance -- paid in part or full by their employers, approximately 80% had employers that contribute to their pension or retirement plans, and 15-19% had access to a high level of flexible work options. (fig 7, p. 5)

Analysis of data from the 2002 National Study of the Changing Workforce shows that "among older workers, the odds of being very satisfied with life are 52.2% higher for those who have employers that contribute to their pension or retirement plans than for those who do not, and 67.4% higher for those who have a high level of flexibility on the job than for those who do not." (p. 6)

According to data from the 2007 National Study of the Changing Workforce, when compared to young employees, approximately three fourths of employees at mid-life and older have access to guaranteed benefit pension plans, and 40% have access to 401k (or similar) retirement plans. For younger employees (aged 18-30) only 26% report having access to guaranteed benefit pension plans and 61% to 401K plans. (fig. 7, p. 6)

According to a 2008 report on the impact of a slowing economy by AARP, 25% of workers aged 45-54 have prematurely withdrawn funds from 401(k), IRA, or other investments, as have 24% of workers aged 55-64 and 18% of workers 65+. (Table 2, p. 7)

According to a 2007 GAO analysis of BLS and CPS data, the hourly costs of retirement and savings benefits for full-time workers were $1.07, compared to $0.18 for part-time workers. For health insurance benefits, the hourly costs were $1.92 for full-time workers and $0.49 for part-time. (Table 9, p. 41)

According to a 2008 survey, "93% of employers offer some type of defined contribution (DC) plan, and only 30% offer a defined benefit (DB) plan. Almost 90% of employers have introduced tools to help employees understand how much they need to save for retirement...and 30% offer automatic enrollment." (p. 1)

According to a 2008 survey of small business owners, 67% of the business owners report that they offer a 401(k) or 403(b) retirement plan for their workers. Of those, 75% report that they also "contribute to a 401(k) plan- a substantial increase from the 53 percent in the 2007 survey. Another 7 percent this year said they plan to start contributing with the next two years."

According to the 2007 EBRI Retirement Confidence Survey, when workers were asked about their expectations of receiving benefits from employer-provided traditional pension plans, "almost 2 in 10 report they are much less confident than they were five years ago (18 percent), while more than one-quarter are a little less confident (27 percent). Twenty-eight percent say their confidence is unchanged and 16 percent indicate their confidence has increased." (Figure 1, p. 5)

According to a 2007 Urban Institute analysis of HRS data from 1992-2004, for participants aged 63-67, "layoffs reduce pension wealth in traditional employer-sponsored defined benefit plans by nearly $30,000 or 37.1% of the average growth in pension wealth" (p. vi)

According to 2005 data from the Department of Labor, "half of workers in the private sector have neither defined benefit nor defined contribution plans. About 7 percent have only traditional pensions, while 29 percent have only defined contribution plans. Some 14 percent have both defined benefit and defined contribution plans."

A 2006 analysis of data from the National Survey of the Changing Workforce indicates that "men age 50 or older (45 percent) are more likely than women (35 percent) to indicate that they have a defined-benefits pension plan (or guaranteed-benefits pension plan) through work. However, older men and women are just as likely to have defined-contribution retirement plans (401(k), 403(b), etc.) at work."

According to a 2003 Bureau of Labor Statistics report, "in private industry, retirement and savings benefits costs in June 2003 were higher for union workers than for nonunion workers, both in dollar amount per hour ($1.76 versus 55 cents) and as a share of total compensation (5.6 percent versus 2.5 percent)."

According to a 2006 analysis of data from the Survey of Consumer Finances, "in 2004, the median balance [for a 401(k) plan] for household heads aged 55-64 was $60,000...These balances had improved somewhat from $44,800 in 2001, most likely because the new cohort of those 55-64 had spent more of their working life covered by a 401(k)." (p.5)

*Note: The reported amounts include holdings in IRAs because these balances consist mostly of rollovers from 401(k) plans.

In 2001, 26% of eligible workers were not participating in 401(k) plans. In 2004, that number had fallen to 21% of eligible workers. (p.3, Fig.4)

According to a 2006 report from the Center for Retirement Research at Boston College, Social Security provided 72.7% of non-earned income of those aged 65 and older in 2004.  Pensions, assets, and other sources of income represented 17.4%, 6.6%, and 3.3% of non-earned income, respectively. (p.2, Fig. 2)

*Note: Information based upon Current Population Study data.

According to a 2006 analysis of data from the Survey of Consumer Finances, "less than 1 percent of those earning $40-$60,000 contribute the maximum [to a 401(k) plan] compared to 58 percent for those earning $100,000 or more." (p.3)

In 2003, small employers cited the following reasons for not offering a retirement plan: 41% of small employers cited business related reasons, 27% of small employers cited employee related reasons, 25% of small employers cited cost and administration reasons, and 6% of small employers cited other reasons. (p.4, Fig. 6)

According to a 2006 report, "Between 1984 (the first year separate data are available for 401(k) plans) and 2004, all dimensions of 401(k) plans -- assets, benefits, participants, and contributions -- have increased from between 30 and 50 percent of total defined contribution plans to about 90 percent." (p.4)

In 2004, 11% of workers had defined benefit only pension coverage, 61% of workers had defined contribution only pension coverage, and 28% of workers had both types of coverage. (p.5, Fig.9)

According to a 2006 report based on CPS data, "In 2004, employer-sponsored pension income accounted for 19 percent of total income for those 65 and over." (p.6)

In 2004, 51% of full time male workers and 51.9% of full time female workers had pension coverage. (p.3, Fig.3)

According to a 2006 report, "For households aged 63-73 in 2004, 67 percent had acquired some sort of employer-sponsored pension coverage over their lifetime. However, again, pension coverage is much more extensive for high-income households -- coverage drops from about 84 percent in the top two quintiles of the income distribution to 28 percent for the bottom quintile." (p.3)

A 2006 analysis of data from the Current Population Survey indicates that "pension participation in 2004 was lower than it was in 1979…In 1979, 51 percent of non-agricultural wage and salary workers in the private sector aged 25-64 participated in a pension plan; in 2004 that number was 46 percent." (p.2)

In 2004, workers cited the following reasons for not participating in a pension plan: 27% of workers stated they did not meet age or service requirements, 14% of workers stated they do not work enough to qualify, 5% of workers stated their type of job is not covered, 23% of workers chose not to contribute, and 30% of workers cited other reasons. (p.3, Fig.5)

According to a 2006 report, "The drop in male [pension] participation rates [from 55% in 1979 to 45% in 2004] was caused by declines in union membership and employment at large manufacturing firms, and by the rapid growth in 401(k) plans that made employee participation in pensions voluntary. Among women, the growth in pension participation [from 36% in 1979 to 42% in 2004] was largely the result of improved earnings and an increase in full-time work and -- to a lesser extent -- increased union membership and employment at large firms." (p.2, Tables 2A and 2B)

The 2005 National Study of Employers, which surveyed workplaces with 50 or more employees, found that in 2005, “companies with 50 or more employees are most likely (83%) to offer 401(k) or 403(b) retirement plans, with for-profit companies using the former and non-profits the latter.” (Table 18, pp.24-25)

The 2005 National Study of Employers, which surveyed workplaces with 50 or more employees, found that “employers in 2005 are less likely (41%) than those in 1998 (48%) to provide defined-benefit pension plans.” (Table 19, p. 26)

The 2005 National Study of Employers, which surveyed workplaces with 50 or more employees, found that in 2005, “34% of companies offer defined-benefit pensions.” (Table 18, pp.24-25)

The 2005 National Study of Employers, which surveyed workplaces with 50 or more employees, found that 74% of companies operating individual retirement plans also make contributions to them. (Table 18, pp.24-25)

The 2005 National Study of Employers, which surveyed workplaces with 50 or more employees, found that “employers in 2005 are less likely (81%) than employers in 1998 (91%) to make contributions to employees’ retirement plans.” (Table 19, p. 26)

A 2004 analysis of survey data from the U.S. Department of Labor and the Bureau of Labor Statistics National Compensation Survey found that of the eighty-five percent of workers with access to retirement plans of some type participated in [either] defined benefits (21%) or defined contribution plans (42%), or in both types of plans (50%). (p.1 and 6)

According to a 2005 AARP survey of adults aged 50 and older, 87% of the survey respondents view continuing pension benefits accruals as an important ingredient in any phased retirement arrangement. 63% said that phased retirement would be less attractive if it meant their final pension benefits would be reduced. (p.4)

According to a 2001 report from EBRI, "the majority of working women (70 percent in 2000) are concentrated in two industries: services, 49.0 percent, and wholesale/retail trade, 20.9 percent. By comparison, men are not heavily concentrated in one or two industries. In 2000, 26 percent of working men were in services industries, 20 percent were in wholesale/retail trade, and 19 percent were in manufacturing. Women tend to work in sectors that do not sponsor retirement plans as readily as the manufacturing sector does.

According to the most recent data available, the retirement plan sponsorship rate in the services industries was 52.8%; in the retail trade it was 43.9%; and in the manufacturing trade it was 72.9 percent." (p.2)

In a 1999 analysis of HRS data, "For full-time wage and salary workers approaching retirement age who had pension coverage, median pension wealth on the current job was 76% greater for men than women." (p.320)

According to the 2005 Work-Filled Retirement survey, "almost 60% of employees still working in their primary job are currently eligible through their employer for a retirement or pension plan, including 401(k)s. Fifty-one percent of workers are very confident that their plan will have the benefits they expect upon retirement. An additional 31% are somewhat confident that their expectations will be met." (p.21)

According to the 2005 Work-Filled Retirement survey, "men are more likely than women to believe they will rely on personal savings (25% vs 20%) or on employer-sponsored pensions or 401(k)s (46% vs 38%), while women are more likely to think they will base their retirement support on Social Security (18% vs 10%) or on other sources (22% vs 18%, including an eight-to-one margin within the 'income from a spouse' category." (p.22)

According to the 2005 Work-Filled Retirement survey, "4 in 10 workers believe their principle source of retirement income will come from employer-sponsored pensions or 401(k) plans. Twenty-two percent believe their own personal savings will be their main income source, with Social Security the third most cited primary retirement income source (14%)." (p.18, Figure 3.2)

According to a 2006 MetLife report, "Among aging Baby Boomers (age 55-59), a significant percentage of workers have minimal savings, and 18% expect to have no access to retirement benefits (e.g. pension, 401(k), SEP) when they stop working. Among employees age 60-65, the percentage of workers having no access to retirement benefits drops somewhat to 14%." (p.6)

According to a 2005 analysis of data from the National Study of the Changing Workforce, “men age 50 or older (45 percent) are more likely than women (35 percent) to indicate that they have a defined-benefits pension plan (or guaranteed-benefits pension plan) through work.” (p.8)

In a 2005 study using data from the Health and Retirement Study (HRS) to examine the experiences of retirees who were aged 51 to 61 in 1992 and therefore who were 61 to 71 in 2002, Cahill and his colleagues found, “while only 41 percent of males who left a career job with a defined benefit pension take a bridge job*, nearly 60 percent of their counterparts with no pension and 54 percent with a defined contribution pension do so. Among women, those with defined benefit pension plans only are the most likely to have left the labor force, and the least likely to utilize a bridge job on the way out.” (p. 14)

*The authors explain and define bridge jobs as some individuals /retirees “take on short-duration or part-time jobs after leaving full-time career (FTC) employment. These jobs bridge the gap between FTC employment and complete labor force withdrawal, and are aptly called “bridge jobs.” (p. 4)

According to a 2002 AARP report, 28.8% of workers age 50-61 in the bottom 25% of income earners had employers that offered a pension in 2000, while 21.3% of workers age 62-74 in the bottom 25% of income earners had employers that offered a pension in 2000 and 20.3% of workers age 75 and above in the bottom 25% of income earners had employers that offered a pension in 2000.

According to a 2002 AARP report, approximately 4.7% of persons age 50 to 61 in the bottom 25% of income earners received pension income in 2000.

Approximately 15.2% of persons age 62 to 74 in the bottom 25% of income earners received pension income in 2000.

Approximately 21.6% of persons age 75 and above in the bottom 25% of income earners received pension income in 2000.

According to a 2002 AARP report, 73.6% of workers age 50-61 in the top 25% of income earners had employers that offered a pension in 2000.

53.8% of workers age 62-74 in the top 25% of income earners had employers that offered a pension in 2000.

64.3% of workers age 75 and above in the top 25% of income earners had employers that offered a pension in 2000.

According to a 2002 AARP report, approximately 7.7% of persons age 50 to 61 in the top 25% of income earners received pension income in 2000.

Approximately 36% of persons age 62-74 in the top 25% of income earners received pension income in 2000.

Approximately 36.1% of persons age 75 and above in the top 25% of income earners received pension income in 2000.

According to a 2002 AARP report, while the average pension amount for persons age 50-61 in the bottom 25% of income earners was $5,271 in 2000, persons of the same age in the top 25% of income earners had average pensions of $24,237 in 2000.

According to a 2002 AARP report, approximately 69% of persons age 50 to 61 in the bottom 25% of income earners participated in a pension plan in 2000.

Approximately 57.5% of persons age 62 to 74 in the bottom 25% of income earners participated in a pension plan in 2000.

Approximately 47.9% of persons age 75 and above in the bottom 25% of income earners participated in a pension plan in 2000.  

According to a 2002 AARP report, approximately 93.4% of persons age 50 to 61 in the top 25% of income earners participated in a pension plan in 2000.

Approximately 83.5% of persons age 62 to 74 in the top 25% of income earners participated in a pension plan in 2000.

Approximately 85.3% of persons age 75 and above in the top 25% of income earners participated in a pension plan in 2000.

According to a 2003 analysis of Current Population Survey data,  about four of every ten men and about three of every ten women between the ages of 55 and 64 who received income from private pensions (one indicator of being retired) were also employed. (Table 6, p.40)

In 2002, 55% and 24.9% of all male workers age 45 to 64 and age 65 and above had pension plan coverage. At the same time, 51.7% and 26.2% of all female workers age 45 to 64 and age 65 and above had pension plan coverage.

In 2002, 38.3% of Hispanic male workers aged 45 to 64 had pension plan coverage, compared with 52.9% of Black male workers and 55.6% of White male workers in the same age range. For workers aged 65 and over, 17.6% of Hispanic male workers, 24.2% of Black male workers, and 24.4% of White male workers had pension plan coverage.

In 2002, 35.1% of Hispanic female workers aged 45 to 64 had pension plan coverage, compared with 51.9% of Black female workers and 52.0% of White female workers in the same age range. For workers aged 65 and over, 25.2% of Hispanic female workers, 27.9% of Black female workers, and 25.6% of White female workers had pension plan coverage.

A 2003 AARP report indicates that "although 36.7 percent of older boomers had DB plans (27.4 percent had only-DB plans and 9.3 percent had both DB and DC plans), only 28.9 percent of younger boomers (21.2 percent had only-DB plans and 7.7 percent had both DB and DC plans), and 32.4 percent of pre-boomers (24.2 percent had only-DB palns and 8.2 percent had both DB and DC plans) had this type of pension plan. Only 10.7 percent of retired workers had DB plans (7.8 had only-DB plans and 2.9 percent had both DB and DC plans). (Table 5, p.9)