Table 7. Defined benefit frozen retirement plans:1 Plan alternatives, private industry workers, March 2017
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(All workers participating in frozen defined benefit plans = 100 percent)
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Characteristics
|
No alternative to frozen plans
|
Alternatives to frozen plans
|
Alternatives to frozen plans2
|
Modified existing defined benefit plan
|
New defined benefit plan
|
Enhanced existing defined contribution plan
|
New defined contribution plan
|
All workers
|
9 |
91 |
8 |
24 |
33 |
34 |
Worker characteristics
|
|
|
|
|
|
|
Management, professional, and related
|
8 |
92 |
8 |
26 |
37 |
31 |
Management, business, and financial
|
7 |
93 |
6 |
29 |
40 |
29 |
Professional and related
|
9 |
91 |
8 |
25 |
36 |
33 |
Service
|
11 |
89 |
|
|
34 |
45 |
Sales and office
|
13 |
87 |
7 |
20 |
35 |
31 |
Sales and related
|
16 |
84 |
|
|
39 |
39 |
Office and administrative support
|
12 |
88 |
8 |
23 |
33 |
29 |
Natural resources, construction, and maintenance
|
7 |
93 |
9 |
37 |
33 |
20 |
Production, transportation, and material moving
|
9 |
91 |
9 |
24 |
20 |
42 |
Transportation and material moving
|
9 |
91 |
|
26 |
15 |
44 |
Full time
|
8 |
92 |
8 |
24 |
34 |
34 |
Part time
|
24 |
76 |
9 |
|
|
33 |
Union
|
4 |
96 |
11 |
40 |
22 |
28 |
Nonunion
|
11 |
89 |
7 |
20 |
35 |
35 |
Average wage within the following categories:3
|
|
|
|
|
|
|
Lowest 25 percent
|
25 |
75 |
|
|
24 |
32 |
Second 25 percent
|
12 |
88 |
12 |
13 |
32 |
36 |
Third 25 percent
|
9 |
91 |
10 |
24 |
23 |
39 |
Highest 25 percent
|
7 |
93 |
5 |
30 |
40 |
29 |
Highest 10 percent
|
7 |
93 |
4 |
31 |
45 |
28 |
Establishment characteristics
|
|
|
|
|
|
|
Goods-producing industries
|
7 |
93 |
8 |
22 |
37 |
36 |
Construction
|
|
100 |
|
|
|
|
Manufacturing
|
7 |
93 |
|
21 |
38 |
38 |
Service-providing industries
|
10 |
90 |
8 |
25 |
31 |
32 |
Trade, transportation, and utilities
|
15 |
85 |
11 |
21 |
21 |
39 |
Retail trade
|
35 |
65 |
|
11 |
20 |
42 |
Financial activities
|
4 |
96 |
3 |
16 |
50 |
28 |
Finance and insurance
|
4 |
96 |
3 |
16 |
49 |
28 |
Credit intermediation and related activities
|
4 |
96 |
5 |
11 |
43 |
38 |
Insurance carriers and related activities
|
5 |
95 |
2 |
30 |
53 |
|
Professional and business services: Professional and technical services
|
|
100 |
|
70 |
80 |
|
Education and health services
|
12 |
88 |
|
|
21 |
42 |
Health care and social assistance
|
11 |
89 |
|
|
25 |
48 |
1 to 99 workers
|
8 |
92 |
|
25 |
26 |
33 |
1 to 49 workers
|
5 |
95 |
|
25 |
26 |
33 |
100 workers or more
|
10 |
90 |
7 |
24 |
35 |
34 |
100 to 499 workers
|
13 |
87 |
10 |
29 |
28 |
33 |
500 workers or more
|
7 |
93 |
5 |
20 |
40 |
34 |
Geographic areas
|
|
|
|
|
|
|
Northeast
|
10 |
90 |
4 |
17 |
34 |
39 |
New England
|
8 |
92 |
|
|
40 |
46 |
South
|
10 |
90 |
7 |
29 |
32 |
29 |
South Atlantic
|
12 |
88 |
4 |
24 |
39 |
32 |
West South Central
|
6 |
94 |
|
38 |
24 |
|
Midwest
|
10 |
90 |
13 |
25 |
24 |
37 |
East North Central
|
10 |
90 |
|
23 |
22 |
37 |
West
|
7 |
93 |
|
24 |
43 |
32 |
Pacific
|
8 |
92 |
|
26 |
43 |
33 |
1Plans closed to new workers or plans that cease accruals for some or all plan participants.
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2The sum of the individual components may be greater than the total because some employers offer more than one alternative.
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3Surveyed occupations are classified into wage categories based on the average wage for the occupation, which may include workers with earnings both above and below the threshold. The categories were formed using percentile estimates generated using wage data for March 2017.
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Note: Because of rounding, sums of individual items may not equal totals. Dash indicates no workers in this category or data did not meet publication criteria. For definitions of major plans, key provisions, and related terms, see the "Glossary of Employee Benefit Terms" at www.bls.gov/ncs/ebs/glossary20162017.htm.
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Source: Bureau of Labor Statistics, National Compensation Survey.
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