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Employee Benefits Survey
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Table 12. Traditional defined benefit plans: Terminal earnings formulas, private industry workers, 2017
(All workers participating in traditional defined benefit plans with a terminal earnings formula = 100 percent)
Characteristics Flat percent per year of service Flat percent per year of service(1) Percent per year varies Percent per year varies by
10th percentile 25th percentile 50th percentile (median) 75th percentile 90th percentile Service Earnings Earnings and service Other

Worker characteristics

All workers

51 1.00 1.25 1.60 1.67 2.00 49 - 20 - 13

Management, professional, and related

34 1.25 1.30 1.60 1.60 - 66 - 28 - -

Management, business, and financial

28 1.25 1.50 1.60 1.67 1.67 72 - - - -

Professional and related

37 1.25 1.30 1.60 1.60 - 63 - - - -

Sales and office

58 1.00 1.25 1.60 1.75 1.75 42 - - 14 -

Office and administrative support

63 1.00 1.25 1.60 1.75 1.75 37 - - - -

Natural resources, construction, and maintenance

54 1.00 1.25 - 1.67 2.50 46 16 - - -

Installation, maintenance, and repair

54 1.00 1.20 1.67 1.67 2.50 46 17 - - -

Production, transportation, and material moving

69 - 1.00 1.67 1.67 1.67 31 - 11 - -

Full time

52 1.00 1.30 1.60 1.67 2.00 48 - 20 - 13

Part time

43 1.00 1.25 1.45 1.67 1.75 57 - - - -

Union

63 1.20 1.45 1.67 1.67 2.00 37 - - - -

Nonunion

45 1.00 1.25 1.50 1.67 1.75 55 - 26 - 13

Average wage within the following categories(2):

Second 25 percent

63 - 1.00 - - 2.15 37 - - - -

Third 25 percent

59 1.00 1.20 1.60 1.67 2.00 41 - - - -

Highest 25 percent

44 1.25 1.45 1.60 1.67 1.75 56 - 23 - -

Highest 10 percent

44 1.25 1.50 1.60 1.67 1.67 56 - - - -

Establishment characteristics

Goods-producing industries

42 - - 1.60 1.60 1.60 58 - - - -

Service-providing industries

54 1.00 1.25 1.67 1.75 2.00 46 - 20 7 -

Trade, transportation, and utilities

69 1.00 1.20 1.67 1.67 1.67 31 - - - -

Financial activities

24 1.00 1.00 1.20 1.50 1.50 76 - 34 20 -

Finance and insurance

24 1.00 1.00 1.20 1.50 1.50 76 - 34 20 -

Education and health services

55 1.25 1.25 1.45 - 2.50 45 - - - -

1 to 99 workers

50 1.00 1.00 - 1.67 1.67 50 - - - -

1 to 49 workers

50 1.00 1.00 - 1.67 2.00 50 - - - -

100 workers or more

52 1.10 1.45 1.60 1.75 2.00 48 - 21 - 11

100 to 499 workers

54 - 1.50 1.67 1.75 - 46 - - - -

500 workers or more

51 1.20 1.30 1.60 1.67 2.00 49 - 25 - 15

Geographic areas

Northeast

27 1.00 1.20 1.25 1.30 1.67 73 - - - -

Middle Atlantic

28 1.00 1.20 1.30 1.40 1.67 72 14 - - -

South

70 1.25 1.50 1.60 1.67 1.75 30 - 17 - -

South Atlantic

51 - 1.45 1.67 1.67 1.67 49 - 30 - -

Midwest

43 - 1.00 - 1.50 - 57 - 42 - -

East North Central

39 - - - 1.50 - 61 - - - -

West North Central

50 1.00 1.00 - 1.60 1.67 50 - - - -

Footnotes:
(1) Estimates represent the flat percentage used to calculate benefits for those workers participating in plans with a terminal earnings formula based on a flat percentage per year of service.
(2) Surveyed 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 data from the National Compensation Survey publication, "Employer Costs for Employee Compensation - March 2017."

Note: Because of rounding, sums of individual items may not equal totals. Dashes indicate that no data were reported or that data do 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.
Source: U.S. Bureau of Labor Statistics, National Compensation Survey.

 

Last Modified Date: May 15, 2018