Retirement plan benchmarks
January 16, 2009 by Bill MeltzerPosted in: In this week's e-newsletter, Latest News & Views, Retirement
How does your 401(k) participation rate stack up against other firms?
The expected participation rate may vary not only by your industry but also by your location. On a national level, 52% of employees participate.
According to EBRI here are the five top and bottom states for retirement plan (defined benefit or defined contribution) participation.
Top 5:
- Wisconsin (67.7% participation average)
- Iowa (66.9%)
- North Dakota (65.8%)
- Connecticut (65.0%)
- Minnesota (64.1%)
Bottom 5:
- Florida (41.8% average participation)
- Arizona (44.3%)
- Louisiana (46.7%)
- Texas (48.8%)
- Nevada (50.3%)
January 29th, 2009 at 2:48 pm
All the people in the “Top 5″ northern states are saving so they can retire to the “Bottom 5″ states!
January 29th, 2009 at 3:07 pm
The article doesn’t say the ages of the employees who are participating in the retirement plans; it may well be that the employees in the “warmer states” are retired from a first career (i.e., military) and are not concerned about saving for retirement from their second career incomes.