According to data released by the U.S. Bureau of Labor Statistics in 2006, about half of American workers (54%) have access to an employer-sponsored defined contribution retirement plan, such as a 401(k) plan. Of these employees, 79% participate in their employers’ plans. However, access to a plan and participation rates can vary depending on company and employee characteristics.
How does your participation experience compare? Take a look at the table.
| Characteristic |
Employers with Plan |
Participation Rate |
|
All employees |
54% |
79% |
|
White collar |
65% |
82% |
|
Blue collar |
53% |
77% |
|
Service |
30% |
65% |
|
Full time |
63% |
80% |
|
Part time |
25% |
65% |
| Paid less than $15 per hour |
43% |
71% |
| Paid $15 or more per hour |
69% |
85% |
| 1 to 99 employees |
41% |
81% |
| 100 or more employees |
70% |
77% |
| Union |
50% |
86% |
| Nonunion |
55% |
78% |
Source: NPI © (Summer 2007)
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