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DC Plan Access Most Prevalent, BLS Finds

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:

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.