Table 14. Traditional defined benefit plans: Availability of early retirement with selected requirements, private industry workers, 2017

Employee Benefits Survey

Table 14. Traditional defined benefit plans: Availability of early retirement with selected requirements, private industry workers, 2017
(All workers participating in traditional defined benefit plans = 100 percent)
Characteristics	Early retirement available(1)	Early retirement age requirements (in years)					Age 55
Characteristics	Early retirement available(1)	10th percentile	25th percentile	50th percentile (median)	75th percentile	90th percentile	Less than 10 years of service(2)	10 years or more of service
Worker characteristics
All workers	97	50	55	55	55	55	24	46
Management, professional, and related	100	55	55	55	55	55	32	43
Management, business, and financial	100	55	55	55	55	55	46	38
Professional and related	100	50	55	55	55	57	24	46
Service	97	55	55	55	55	55	-	-
Sales and office	93	50	55	55	55	55	24	45
Sales and related	-	50	55	55	55	55	-	-
Office and administrative support	95	50	55	55	55	55	24	44
Natural resources, construction, and maintenance	97	-	55	55	55	60	17	47
Construction, extraction, farming, fishing, and forestry	100	53	55	55	55	60	-	52
Installation, maintenance, and repair	94	50	55	55	55	60	18	39
Production, transportation, and material moving	97	50	50	55	55	55	-	48
Production	100	55	55	55	55	55	-	63
Transportation and material moving	95	50	50	55	55	55	-	39
Full time	99	50	55	55	55	55	25	48
Part time	85	50	50	55	55	55	-	33
Union	95	50	55	55	55	57	16	46
Nonunion	100	55	55	55	55	55	35	47
Average wage within the following categories(3):
Lowest 25 percent	78	50	55	55	55	55	-	-
Second 25 percent	99	50	55	55	55	55	32	42
Third 25 percent	99	53	55	55	55	55	29	51
Highest 25 percent	98	50	55	55	55	55	19	47
Highest 10 percent	100	55	55	55	55	55	18	61
Establishment characteristics
Goods-producing industries	100	53	55	55	55	55	19	61
Construction	100	45	55	55	55	60	-	43
Manufacturing	100	55	55	55	55	55	-	69
Service-providing industries	96	50	55	55	55	55	27	39
Trade, transportation, and utilities	90	50	50	55	55	55	18	38
Transportation and warehousing	92	50	50	55	55	55	-	38
Utilities	100	50	55	55	57	57	-	-
Financial activities	100	53	55	55	55	55	37	45
Finance and insurance	100	50	55	55	55	55	45	31
Credit intermediation and related activities	100	55	55	55	55	55	-	-
Insurance carriers and related activities	100	50	55	55	55	55	53	-
Professional and business services	100	-	55	55	55	55	-	67
Education and health services	100	50	55	55	55	55	-	31
Educational services	100	50	50	55	55	57	-	-
Junior colleges, colleges, and universities	100	55	55	55	55	57	30	-
Health care and social assistance	100	55	55	55	55	55	-	-
1 to 99 workers	100	50	55	55	55	60	23	44
1 to 49 workers	100	55	55	55	55	60	32	39
50 to 99 workers	100	50	50	55	55	55	-	56
100 workers or more	96	50	55	55	55	55	25	47
100 to 499 workers	95	50	55	55	55	55	24	39
500 workers or more	97	50	55	55	55	55	25	51
Geographic areas
Northeast	92	50	55	55	55	55	-	48
New England	97	55	55	55	55	55	-	45
Middle Atlantic	91	50	55	55	55	55	-	49
South	99	50	55	55	55	55	21	53
South Atlantic	99	50	55	55	55	55	27	40
East South Central	100	55	55	55	55	55	-	84
West South Central	100	50	55	55	55	55	-	60
Midwest	100	50	55	55	55	60	35	30
East North Central	100	-	53	55	55	60	30	27
West North Central	100	55	55	55	55	55	48	-
West	98	50	55	55	55	55	-	54
Mountain	96	50	55	55	55	55	-	-
Pacific	100	50	55	55	55	55	-	65
Footnotes: (1) Early retirement is the age, length of service, or combination of age and length of service, requirements at which plan participants may retire and receive all accrued benefits, minus 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