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31 percent of workers in financial activities had access to a defined benefit retirement plan

June 04, 2025

In March 2024, 15 percent of private industry workers had access to a defined benefit plan. Defined benefit plans provide employees with guaranteed retirement benefits based on plan formulas. An employee's retirement age, length of service, and preretirement earnings may affect the benefits received. Among private industries, financial activities was notable in that 31 percent of workers had access to a defined benefit plan and 16 percent of workers chose to participate.

Percent of private industry workers with access to and participation in defined benefit plans, March 2024
Industry Access Participation

Financial activities

31 16

Information

24 18

Trade, transportation, and utilities

19 13

Manufacturing

17 12

Education and health services

16 13

All industries

15 10

Construction

12 12

Professional and business services

10 6

Defined contribution plans determine the value of individual accounts based on the amount of money contributed and the rate of return on the money invested. This type of plan was more widely available to private industry workers, as 70 percent of these employees had access and 50 percent chose to participate in March 2024. The information industry exceeded financial activities in both access rate (91 percent) and participation rate (82 percent) for contribution plans.

Percent of private industry workers with access to and participation in defined contribution plans, March 2024
Industry Access Participation

Information

91 82

Financial activities

89 74

Manufacturing

83 68

Trade, transportation, and utilities

74 42

Education and health services

73 58

Professional and business services

70 54

All industries

70 50

Construction

68 45

Leisure and hospitality

39 17

These data are from the Employee Benefits program. For more information, see “Employee Benefits in the United States — March 2024.” Information on retirement plan benefits and costs are highlighted in the Spotlight on Statistics, “1974–2024: Celebrating 50 Years of Protected Retirement Plans.”

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, 31 percent of workers in financial activities had access to a defined benefit retirement plan at https://www.bls.gov/opub/ted/2025/31-percent-of-workers-in-financial-activities-had-access-to-a-defined-benefit-retirement-plan.htm (visited June 06, 2025).

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