Pension Issues: Cash-Balance Plans (CRS Report for Congress)
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| Release Date |
Revised Jan. 24, 2005 |
| Report Number |
RL30196 |
| Report Type |
Report |
| Authors |
Patrick Purcell, Domestic Social Policy Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
In 2004, about half of all workers in the private sector participated in an employer-sponsored retirement plan. (See Table 1). This is roughly the same proportion of the workforce that had an employer-sponsored retirement plan in 1980. However, while the percentage of workers who participate in an employer-sponsored retirement plan has remained stable over the past two decades, the distribution of workers among the two main types of retirement plan has shifted substantially. In 1980, most workers whose employer sponsored a retirement plan were covered by a traditional defined-benefit pension. Today, however, defined contribution plans, such as the 401(k) are the most prevalent form of employer-sponsored plan. Moreover, in recent years, hundreds of employers have converted their traditional defined-benefit pension plans into new hybrid plans that have characteristics of both a traditional pension and the popular 401(k) plan.
