Changes in access to retirement benefits, 2010–23

Fifty years ago, on Labor Day 1974, the Employment Retirement Income Security Act (ERISA) was signed into law. While federal, state, and local laws do not require establishments to provide retirement benefits, ERISA established standards in case they do. In March 2023, 70 percent of workers in private industry had access to a retirement plan and 53 percent were participating in a plan.

In 2010, 20 percent of private industry workers had access to a defined benefit plan. By 2023, it dropped to 15 percent. Conversely, 59 percent of private industry workers had access to a defined contribution plan in 2010. By 2023, it grew to 67 percent.

These data are from the Employee Benefits program. For more information, see “Employee Benefits in the United States — March 2023.” Information on retirement plan benefits and costs are highlighted in the Spotlight on Statistics, “1974–2024: Celebrating 50 Years of Protected Retirement Plans.” A Monthly Labor Review article, "ERISA at 50: BLS tracks the evolution of retirement benefits", follows the many changes to Bureau of Labor Statistics retirement income studies and shows the challenges of providing statistics on such a varied and frequently evolving topic.