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

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.

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.

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.”