Characteristics of defined benefit retirement plans in 2022

In March 2022, 15 percent of private industry workers had access to defined benefit retirement plans, and 11 percent participated in these plans. Among private industry workers participating in defined benefit plans, 37 percent participated in plans that were open to new employees. In establishments with fewer than 50 workers, 57 percent of participants were in plans open to new employees; in establishments with 500 workers or more, 27 percent of participants were in plans open to new employees.

Defined benefit plans provide employees with guaranteed retirement benefits based on benefit formulas. An employee's retirement age, length of service, and preretirement earnings may affect the benefits received. Multi-employer sponsor plans are established by a labor organization and are provided to employees of two or more unrelated companies under a collective bargaining agreement.

Among private industry workers participating in defined benefit plans in 2022, 92 percent of participants in establishments with 100 workers or more were in plans sponsored by a single employer, and 7 percent were in plans with multi-employer sponsors.

These data are from the National Compensation Survey – Benefits program. To learn more, see Retirement plan provisions for private industry workers in the United States, 2022. Estimates for prior years and more publications about benefits are available on the Benefits publications page.