Defined contribution plans are the most common among private sector workers, reports the U.S. Bureau of Labor Statistics (BLS). It found in a study it conducted in March that DC plans were the kind of retirement plans in which a majority of workers in all sectors but one that it measured participate.
The BLS reports that just over half — 51% — of private sector workers overall have access to only DC plans. An additional 13% of private sector workers had access to a DC plan and also a defined benefit plan. A scant 4% have access only to a DB plan.
Results by the sectors they studied were as follows:
The results were very different, however, for private sector workers who belong to unions. Among them, just under one-quarter — 24% — have access to only a DC plan. Just over one-third — 34% — have access to both a DC plan and a DB plan, and 34% had access to only a DB plan.
The BLS reports that just over half — 51% — of private sector workers overall have access to only DC plans. An additional 13% of private sector workers had access to a DC plan and also a defined benefit plan. A scant 4% have access only to a DB plan.
Results by the sectors they studied were as follows:
Sector | DC Plan Only | DC and DB Plan | DB Plan Only |
Full-time workers | 58% | 16% | 3% |
Part-time workers | 31% | 4% | 5% |
Non-union workers | 54% | 11% | 1% |
Service-producing | 50% | 12% | 4% |
Goods-producing | 53% | 18% | 4% |
1-99 workers | 46% | 5% | 2% |
100 workers | 57% | 22% | 6% |
The results were very different, however, for private sector workers who belong to unions. Among them, just under one-quarter — 24% — have access to only a DC plan. Just over one-third — 34% — have access to both a DC plan and a DB plan, and 34% had access to only a DB plan.
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