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Employee Benefits Survey
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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
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