Worker participation in employment-based retirement plans has stabilized, according to a new report by the Employee Benefit Research Institute.
In 2011, 39.7 percent of workers participated in an employment-based retirement plan, compared to 39.8 percent in 2010 and 39.6 percent in 2009.
"The increase in the number of workers participating in 2011 halted the three year decline from 2008–2010," said Craig Copeland, senior research associated at EBRI and author of the report. "The downturns in the economy and stock market in 2008 and into 2009 showed a two-year decline in both the number and percentage of workers participating in an employment-based retirement plan. The 2010 and 2011 participation levels stabilized as the economy recovered."
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Nearly 54 percent of full-time, full-year wage and salary workers, ages 21 to 64, participated in a workplace plan in 2011, according to the EBRI. This rate varied significantly based on race, gender, educational attainment, earnings, health status, occupation and marriage status.
The overall percentage of women participating in the plan was lower than that of men, but when controlling for work status or earnings, the female participation level actually surpassed the male participation level.
The retirement plan participation gender gap significantly closed from 1987 to 2009, before slightly widening in 2010 and 2011.
Hispanics born outside the United States had substantially lower participation levels than native-born Hispanics, even when controlling for age and earnings. This results in Hispanics as a group looking to lag significantly in terms of retirement plan participation, even though only the non-native Hispanics actually have participation levels substantially below those of all other workers, the report found.
The Employee Benefit Research Institute is a private, nonpartisan, nonprofit research institute based in Washington, D.C., that focuses on health, savings, retirement and economic security issues.
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