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Workers more likely to benefit from private-sector plans

Workers today are more likely to receive retirement income from private-sector retirement plans than they were before the passage of ERISA in 1974, according to a report by the Investment Company Institute.

By Dan Berman | Updated on October 22, 2013

Workers today are more likely to receive retirement income from private-sector retirement plans than they were before the passage of ERISA in 1974, according to a report by the Investment Company Institute.

“The importance of private-sector DB pensions in providing retirement income is often exaggerated,” the report said. “The time before the emergence of 401(k) plans in 1981 has been characterized by many as the golden age of the golden watch: a time when most private-sector workers retired with a monthly pension check that replaced a significant portion of their pre-retirement income. Against this standard, 401(k) plans are judged to be falling short.”

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