Updated CRS Stats Show Retirement Plan Inclusion Stable From 2002 to 2003

September 10, 2004 (PLANSPONSOR.com) - The number of workers in the private sector whose employer sponsors a retirement plan essentially stayed the same between 2002 and 2003, according to updated statistics by the Congressional Research Service (CRS).

In the updated report on current population statistics, the CRS states that among workers between 25 and 64, 53.3 million reported that their employers offered a retirement plan in 2003 while 53.2 million reported the same thing in 2002. The number of workers in the private sector who participated in an employer-sponsored retirement plan in 2003 rose 0.4% to 46.7%.

The number increased substantially for both situations when only full-time, year-round workers were considered.

Significantly, non-white workers were considerably less likely to utilize employer-sponsored retirement plans – 59% of white workers compared to 49% of black non-Hispanics and 33% of Hispanics. Younger workers were also less likely to use plans, with only 46% of full time-workers aged 25-34 doing so.

Some 57% of those over 35 participated in employer-sponsored retirement plans, according to the CRS statistics for 2003.