Department of Labor Logo United States Department of Labor
Dot gov

The .gov means it's official.
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you're on a federal government site.

Https

The site is secure.
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.

Characteristics of defined benefit retirement plans in 2022

June 09, 2023

In March 2022, 15 percent of private industry workers had access to defined benefit retirement plans, and 11 percent participated in these plans. Among private industry workers participating in defined benefit plans, 37 percent participated in plans that were open to new employees. In establishments with fewer than 50 workers, 57 percent of participants were in plans open to new employees; in establishments with 500 workers or more, 27 percent of participants were in plans open to new employees.

Percent of participants in defined benefit retirement plans that are open to new employees, by establishment size, private industry, 2022
Establishment size Percent of participants

All establishment sizes

37

Fewer than 50 workers

57

50–99 workers

75

100–499 workers

35

500 workers or more

27

Defined benefit plans provide employees with guaranteed retirement benefits based on benefit formulas. An employee's retirement age, length of service, and preretirement earnings may affect the benefits received. Multi-employer sponsor plans are established by a labor organization and are provided to employees of two or more unrelated companies under a collective bargaining agreement.

Among private industry workers participating in defined benefit plans in 2022, 92 percent of participants in establishments with 100 workers or more were in plans sponsored by a single employer, and 7 percent were in plans with multi-employer sponsors.

Percent of participants in defined benefit retirement plans, by sponsor type and establishment size, private industry, 2022
Sponsor type Fewer than 100 workers 100 workers or more

Single-employer sponsor

69 92

Multi-employer sponsor

31 7

These data are from the National Compensation Survey – Benefits program. To learn more, see Retirement plan provisions for private industry workers in the United States, 2022. Estimates for prior years and more publications about benefits are available on the Benefits publications page.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Characteristics of defined benefit retirement plans in 2022 at https://www.bls.gov/opub/ted/2023/characteristics-of-defined-benefit-retirement-plans-in-2022.htm (visited May 27, 2024).

OF INTEREST
spotlight
Recent editions of Spotlight on Statistics


triangle