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Employment-based retirement plan participation: geographic differences and trends, 2010
1Employee Benefit Research Institute, Washington, DC 20005-4051, USA.
EBRI Issue Brief
|December 2, 2011
Summary
Worker participation in retirement plans remained stable in 2010, with over half of full-time, full-year workers covered. Factors like age, gender, race, and location influence access to these essential employment-based pension plans.
Area of Science:
- Labor Economics
- Retirement Security
- Social Policy
Background:
- Employment-based retirement plans are crucial for worker financial security in retirement.
- Understanding participation trends and disparities is vital for effective policy development.
- The U.S. Census Bureau's Current Population Survey provides key data on workforce demographics and benefits.
Purpose of the Study:
- To analyze the participation rates in public- and private-sector employment-based retirement plans for year-end 2010.
- To identify demographic and geographic factors influencing retirement plan sponsorship and participation.
- To examine trends in retirement plan participation over time.
Main Methods:
- Analysis of the U.S. Census Bureau's March 2011 Current Population Survey (CPS) data.
- Examination of participation rates among all wage and salary workers, and specifically full-time, full-year workers.
- Stratification of data by age, gender, race, and geographic location.
Main Results:
- In 2010, 54.2% of working-age employees were sponsored by a retirement plan; 54.5% of full-time, full-year workers participated.
- Participation increases with age, with higher rates among men overall, but women leading in full-time roles.
- Hispanic workers showed significantly lower participation, and regional disparities were evident, with the South and West lagging.
Conclusions:
- Retirement plan participation remained largely unchanged in 2010 compared to 2009.
- Significant disparities in participation exist based on demographic factors (age, gender, race) and geographic location.
- Higher education, income, and marital status are associated with increased participation.
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