Thursday, January 14, 2016

State-level map: Only 58% of U.S. workers have access to employer-based retirement plans

More than 30 million workers do not have access to employer-based retirement plans, according to a state level map by The Pew Charitable Trusts. "Workers in the United States accumulate the vast majority of their retirement savings through employer-based plans, but large gaps in coverage exist." Analysis focused on full-time private sector wage and salary workers ages 18 to 64.

Analysis found that 58 percent of workers had access to retirement plans, with 49 percent participating. The highest access rate is in Wisconsin, at 70 percent. Rates are also high in Minnesota (69 percent); Iowa and North Dakota (68); and South Dakota, Washington and Maine (67). The lowest percents are in Florida (46), New Mexico (49), Texas (50) and Nevada and California (51). Florida also has the lowest participation rate, at 38 percent, while Wisconsin and Minnesota lead with a participation rate of 61 percent.

Employees in larger companies are more likely to have access to plans, with 74 percent of companies with 500 or more companies offering plans and only 22 percent of companies with less than 10 employees having plans. Only 38 percent of Hispanics participate in plans, compared to 63 percent of white and non-Hispanic. (Read more)

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