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Employee Benefits Survey
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Table 13. Standard errors for traditional defined benefit plans: Selected normal retirement age and service requirements, private industry workers, 2017
Characteristics Age less than 65 Age 65 Normal retirement(1) age requirements (in years)
Less than 10 years of service(2) 10 years or more of service Less than 10 years of service(2) 10 years or more of service 10th percentile 25th percentile 50th percentile (median) 75th percentile 90th percentile

Worker characteristics

All workers

 2.2 3.4 3.9 - - 0.0 0.0 0.0 0.0

Management, professional, and related

 - 4.3 5.9 - 1.6 1.9 0.0 0.0 0.0

Management, business, and financial

 - 3.8 8.4 - 1.7 2.8 0.0 0.0 0.0

Professional and related

 - 6.3 7.6 - 2.4 2.2 0.0 0.0 0.0

Service

 - - 6.5 - - 0.0 0.0 0.0 0.0

Sales and office

 - 6.8 6.7 - 3.5 3.3 0.0 0.0 0.0

Sales and related

 - - - - 0.0 0.0 0.0 0.0 0.0

Office and administrative support

 - 8.1 7.7 - 0.0 6.9 0.5 0.0 0.0

Natural resources, construction, and maintenance

 4.7 6.1 4.5 - 0.0 0.5 0.0 2.3 0.0

Construction, extraction, farming, fishing, and forestry

 - 9.2 5.1 - 0.0 0.8 0.3 1.7 0.0

Installation, maintenance, and repair

 - 5.8 5.8 - 0.0 2.3 0.0 0.0 0.0

Production, transportation, and material moving

 - 5.7 6.2 - 0.0 2.2 0.0 0.0 0.0

Production

 - 8.9 10.1 - 2.0 0.0 0.9 0.0 0.0

Transportation and material moving

 - 6.7 6.7 - 2.0 1.6 0.0 0.0 0.0

Full time

 2.4 3.6 4.0 - - 0.6 3.0 0.0 0.0

Part time

 - - 6.4 - 4.4 0.0 0.0 0.0 0.0

Union

 3.2 5.4 6.7 - 1.0 2.5 2.3 0.0 0.0

Nonunion

 - 4.7 6.0 - 3.6 0.0 0.0 0.0 0.0

Average wage within the following categories(3):

Lowest 25 percent

 - - 10.4 - 4.4 0.0 0.0 0.0 0.0

Second 25 percent

 - 6.0 7.1 - 5.5 3.4 0.0 0.0 0.0

Third 25 percent

 - 6.5 6.7 - - 1.0 2.7 0.0 0.0

Highest 25 percent

 3.5 4.9 4.6 - - 1.8 1.4 0.0 0.0

Highest 10 percent

 - 7.9 8.7 - 0.0 2.2 1.8 0.0 0.0

Establishment characteristics

Goods-producing industries

 3.5 6.7 6.4 - 3.4 0.7 1.4 0.0 0.0

Construction

 8.7 9.3 - - 0.0 0.5 0.5 0.2 0.8

Manufacturing

 - 7.4 8.4 - 2.1 0.0 1.6 0.0 0.0

Service-providing industries

 - 3.7 4.6 - - 0.0 0.0 0.0 0.0

Trade, transportation, and utilities

 - 5.5 7.5 - 3.9 1.8 2.6 0.0 0.0

Transportation and warehousing

 - 7.3 - - 4.3 0.0 1.8 1.8 0.0

Utilities

 - 10.3 10.8 - 0.0 0.0 6.6 0.0 0.0

Financial activities

 - 5.6 4.2 - 0.0 0.0 2.8 0.0 0.0

Finance and insurance

 - - 3.9 - 0.0 0.0 0.0 0.0 0.0

Credit intermediation and related activities

 - - 9.8 - 2.2 1.1 0.0 0.0 0.0

Insurance carriers and related activities

 - - 6.3 - 1.4 0.0 3.9 0.0 0.0

Professional and business services

 - - 15.2 - 9.5 4.4 1.9 0.0 0.0

Education and health services

 - - 8.5 - 2.0 0.0 0.0 0.0 0.0

Educational services

 - 12.9 - - - 1.4 0.0 0.0 0.0

Junior colleges, colleges, and universities

 - 9.7 9.6 - 0.0 2.6 0.0 0.0 0.0

Health care and social assistance

 - - 0.0 - 0.0 0.0 0.0 0.0 0.0

1 to 99 workers

 - 4.3 5.8 - - 0.0 0.0 0.0 0.0

1 to 49 workers

 - 6.1 7.3 - 3.2 0.0 1.5 0.0 0.0

50 to 99 workers

 - - 12.8 - 3.6 3.8 0.0 0.0 0.0

100 workers or more

 2.6 4.1 4.3 - 5.9 0.8 1.0 0.0 0.0

100 to 499 workers

 - 6.4 7.3 - 0.0 0.7 3.8 0.0 0.0

500 workers or more

 - 4.8 4.8 - 0.0 0.0 0.3 0.0 0.0

Geographic areas

Northeast

 - 3.8 5.7 - 1.0 0.0 0.0 0.0 0.0

New England

 - 5.7 7.2 - 4.2 3.0 0.0 0.0 0.0

Middle Atlantic

 - 4.3 6.5 - 2.1 0.0 0.0 0.0 0.0

South

 - 7.1 6.5 - 6.9 2.4 4.3 0.0 0.0

South Atlantic

 - 8.9 7.7 - 0.0 0.7 0.0 0.0 0.0

East South Central

 - 17.2 - - 0.0 0.0 2.1 3.0 0.0

West South Central

 - 13.1 - - 0.0 7.1 2.5 0.8 0.0

Midwest

 3.4 6.1 7.5 - 3.5 1.5 3.6 0.0 0.0

East North Central

 3.0 8.1 9.2 - 4.1 0.4 3.3 0.0 0.0

West North Central

 - 3.9 10.9 - 0.0 2.4 3.9 0.0 0.0

West

 - 8.6 11.1 - 5.0 2.7 1.7 0.0 0.0

Mountain

 - - - - 3.3 0.0 3.9 0.0 0.0

Pacific

 - 8.8 15.1 - 7.4 2.0 1.9 0.0 0.0

Footnotes:
(1) Normal retirement occurs when the specific age, length of service, or combination of age and length of service plan requirements are satisfied and the participant may retire and receive all accrued benefits without a reduction or penalty.
(2) Includes workers in plans with no minimum service requirements.
(3) 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: 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