Automatic enrollment in savings and thrift retirement plans, March 2009
September 15, 2010
Workers in larger establishments (100 or more workers) were almost 3 times more likely than their counterparts in smaller firms (1 to 99 workers) to work for a company that includes an automatic enrollment provision in its savings and thrift retirement plan: 25 percent compared with 9 percent.
There is also variation in availability of the automatic enrollment feature when the data are disaggregated based on average wage percentiles. While 21 percent of private industry workers in the highest wage quartile had employers that automatically enrolled employees in their company’s savings and thrift plan, only 11 percent of workers in the lowest quartile had this provision available.
Among all private industry workers who participated in savings and thrift plans, 19 percent had automatic enrollment in such plans.
These data are from the National Compensation Survey and are for March 2009. Most defined contribution retirement plans offered in the private sector are savings and thrift plans. Savings and thrift plans usually allow a worker to make pretax contributions to an individual retirement savings account. These contributions may be matched to various degrees by the employer to encourage employee participation and to increase employee savings for retirement. To learn more, see "Disparities in Automatic Enrollment Plan Availability," in the August issue of Compensation and Working Conditions Online.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Automatic enrollment in savings and thrift retirement plans, March 2009 on the Internet at https://www.bls.gov/opub/ted/2010/ted_20100915.htm (visited December 12, 2017).
Recent editions of Spotlight on Statistics
Differences in Parents’ Time Use between the Summer and the School Year
A look at how parents of school-age children spend their time in the summer and the school year.
Hispanics in the United States: Celebrating National Hispanic Heritage Month
A look at employment, earnings, consumer spending, time use, and workplace injuries and illnesses for the Hispanic or Latino U.S. population.
Expenditures on Admissions to the Arts, Movies, Sporting Events, and Other Entertainment
A look at consumer spending and attendance at arts, sports, and entertainment events.
Profile of the Labor Force by Educational Attainment
A look at the educational attainment of the U.S. labor force and how it has changed over time.