Many workers lack access to employer-provided retirement plans, data shows
As the private sector continues to shift from defined benefit retirement plans to defined contribution ones, overall participation in employer-sponsored retirement plans continues to hover around the 50% mark, according to a report from the National Institute on Retirement Security released Feb. 5.
An analysis of the U.S. Census Bureau’s Survey of Income and Program Participation data showed that 51% of workers had a DC plan through their main employer. Of workers with a positive DC plan balance, 80% had a DC plan through their main employer, NIRS said.
