The Employee Benefit Research Institute (EBRI) said in a press release that its study of the SIPP found the following:
- 63% of workers age 16 and over worked for an employer or union that sponsored a retirement plan in 2003, up from 60% in 1998.
- 48% of workers age 16 and over participated in a retirement plan in 2003, up from 44% in 1998.
- 44% of workers say they were at least partially vested in a pension or retirement plan in 2003, up from 41% in 1998.
In addition, EBRI said the data documented the trend away from traditional defined benefit pension plans and to defined contribution retirement plans. A defined contribution plan was the primary retirement plan for 57.7% of participants in 2003, compared to 40.5% who said their primary retirement plan was a defined benefit plan.
EBRI’s study can be found here .