Benefits September 21, 2005

Census Bureau Finds Increase in Plan Participation

September 21, 2005 (PLANSPONSOR.com) - Data from the US Census Bureau's Survey of Income and Program Participation (SIPP) for 2003 shows more employees were offered, participated in, and were vested in retirement plans in 2003 than in 1998, when the last survey was compiled.
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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 .

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