New data from the DOL's Bureau of Labor Statistics indicates that rivate industry employers now spend more per employee hour worked for defined contribution retirement plans (retirement plans that specify the level of employer contributions and place those contributions into individual employee accounts) than for defined benefit retirement plans (plans that provide employees with guaranteed retirement benefits that are based on a benefit formula).
March 2012 private industry employer costs for defined contribution plans were 60 cents per employee hour worker, compared to 43 cents for defined benefit plans.
Employer costs for defined benefit plans were higher for natural resource, construction, and maintenance employees ($1.10) than for workers in other major occupational categories.
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