Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Retirement Planning > Retirement Investing

Study Looks At Who Joins Employer Retirement Plans

Your article was successfully shared with the contacts you provided.

Workers at companies with 1,000 employees or more are most likely to join a retirement plan, a Washington research group reports.[@@]

The Employee Benefit Research Institute, studying 2004 data on wage or salary workers ages 21 to 64, found 59% of workers in firms with 1,000-plus workers participated in traditional pension or defined benefit plans. Among employers with fewer than 10 employees, only 16% belonged to a retirement plan at work.

Other EBRI findings about the most and least likely to join employer retirement plans:

?About 58% of workers aged 55 to 64 participate in a plan, compared to 20% of workers aged 21 to 24.

?70% of workers with a graduate or professional degree, compared to 21% of workers without a high school diploma.

?73% of those earning $50,000 a year or more, compared to 9% of those making less than $5,000.

?49% of men vs. 47% of women.

Examining data by state, EBRI found workers in Minnesota have the highest participation in employment-based plans, with 58%, followed by Connecticut (57.8%) and Iowa (55.9%).

Lowest levels were in Florida (38.7%), Georgia (42.7%) and California (42.8%).


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.