October 03, 2003 (The Editor’s Desk is updated each business day.)

Retirement plans in 2003

In March 2003, just under half of private industry employees participated in an employer provided retirement plan.

Percent of workers participating in retirement benefits, private industry, National Compensation Survey, March 2003
[Chart data—TXT]

Twenty percent of private industry employees were in defined benefit plans and 40 percent were covered by defined contribution plans. (Some employees participate in both types.)

The overall coverage of retirement plans has held relatively steady for the last few years. The mix of plans, however, has changed. Defined benefit plans cover a smaller portion of workers than they did 10 years ago, while defined contribution plans cover a larger portion.

These data are from the BLS National Compensation Survey program. Learn more in Employee Benefits in Private Industry, 2003 (PDF) (TXT), USDL 03-489.