Search
 

401(k) vs. defined benefit plans: A geographic breakdown

There's a lot of talk about the adequacy of the current 401(k) system. Naysayers complain it's not broadly accessible, and in a sense, that's true.

By Chris Carosa | Updated on November 24, 2017
The BLS's geographic data may be more interesting to practitioners seeking to align their business models to the regions they service. (Image: Shutterstock)

There’s a lot of talk about the adequacy of the current 401(k) system. Naysayers complain it’s not broadly accessible, and in a sense, that’s true. According to the latest data from the Bureau of Labor Statistics’ National Compensation Survey, 40 percent of all workers don’t have access to a defined contribution benefit. (The BLS is talking only about company-sponsored benefits, not IRAs.)

In lamenting the lack of 401(k) availability, some suggest we’d all be better off with defined benefit plans. Unfortunately, the BLS indicates 72 percent of all workers do not have access to defined benefit plans. Pensions don’t appear to be as realistic an alternative as some may think.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.