The number of American workers with a DC plan continues to rise.
A report from the Employee Benefit Research Institute finds that of the number workers with a pension plan in 2012, 78% had a DC plan as their primary plan. That compares with 25.8% in 1988.
The number of workers with a DB plan dropped to 21.1% in 2012, compared with 56.7% 24 years ago.
In 2012, 0.9% said they had another type of plan or didn’t know, versus 17.5% in 1988.
The report also found that, after the end of the recession, a higher percentage of American workers are working for employers that offer retirement plans, and a higher percentage of them are participating in the plans.
In 2012, 61% of all workers age 16 or older worked for an employer or union that sponsored a pension or retirement plan for any of its employees in 2012. That’s up from 59% in 2009 but just below the highest level (63%) found in 2003.
In addition, workers participating in a retirement plan increased to 46% in 2012, up slightly from 45% in 2009 but below the level measured in 2003 (48%).
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