Participation by private-sector employees of employers offering retirement benefits is robust, according to data just released by the Department of Labor’s Bureau of Labor Statistics (BLS). So robust, in fact, that more than half of the members of all groups and categories the BLS measured are participating when their employers offer such benefits.
The BLS says that in March 2019, more than 50% of the employees with the following occupations whose private-sector employers offer retirement benefits were participating:
- management, professional and related occupations;
- service;
- sales;
- office;
- natural resources;
- construction;
- maintenance;
- production;
- transportation; and
- material moving.
The same holds true regardless of employer size, wage levels, union membership and whether employees are full- or part-time.
Employer size and whether or not a private-sector employer’s workforce includes union members or not were especially unimportant:
| Distinction | Participation Rate |
| Large employers (500 or more employees) | 88% |
| Small employers (1-99 employees) | 71% |
| Employees belonging to a union | 90% |
| Employees not belonging to a union | 75% |
But occupation type, wages and whether an employee was full- or part-time mattered a bit more. Still, no group had a participation rate below 50%:
| Distinction | Participation Rate |
| Occupations | |
| Management, professional and related occupations | 86% |
| Production, transportation, material moving | 77% |
| Natural resources, construction, maintenance | 76% |
Sales and office |
74% |
| Service | 58% |
| Wages | |
| Highest 25% | 89% |
| Lowest 25% | 54% |
| Full- or Part-Time | |
| Full-time | 80% |
| Part-time | 57% |
The BLS defines retirement benefits as defined benefit and defined contribution plans.
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