| |
Average group premium
by plan type |
Average employee contribution
to the premium as a percentage
of the premium, by plan type |
| |
1993 |
1996 |
1993 |
1996 |
| Traditional Indemnity |
| Individual coverage |
$2,040 |
$2,090 |
24% |
24% |
| Family coverage |
5,292 |
5,388 |
33 |
32 |
Group/Staff Health Maintenance
Organization (HMO) |
| Individual coverage |
1,896 |
1,883 |
23 |
22 |
| Family coverage |
5,064 |
5,071 |
33 |
33 |
| Preferred Provider Organization (PPO) |
| Individual coverage |
2,172 |
2,173 |
24 |
24 |
| Family coverage |
5,448 |
5,377 |
31 |
36 |
| Point-of-Service (POS) |
| Individual coverage |
2,232 |
2,058 |
19 |
22 |
| Family coverage |
6,360 |
5,477 |
35 |
34 |
- Average out-of-pocket limits, including deductible, coinsurance, and other co-payments,
for employees in a traditional indemnity plan were
| |
1988 |
1995 |
| Individual coverage |
$ 957 |
$1,358 |
| Family coverage |
2,004 |
2,858 |
Retirement Income Benefits
- Average age of retirement
| |
|
Men |
Women |
| 1955-1960 |
|
65.7 |
66.1 |
| 1965-1970 |
|
64.2 |
64.2 |
| 1975-1980 |
|
63.0 |
63.2 |
| 1985-1990 |
|
62.6 |
62.8 |
Defined Benefit Plans
- The average formula used to calculate a pension benefit is a terminal earnings formula
-- 54 percent of defined benefit plan participants in medium and large private
establishments participated in a plan with a terminal earnings formula benefit calculation
in 1995. A terminal earnings formula usually designates the 5 consecutive years with the
highest earnings out of the last 10 years before retirement. Terminal earnings formulas
frequently have benefit formulas that vary according to service, earnings, or a
combination of these two factors.
- The average vesting schedule used in a defined benefit plan among private-sector
employers is cliff vesting, with full vesting after five years of service at any age. In
1995, 84 percent of defined benefit plan participants in medium and large private
establishments participated in a defined benefit plan with a five-year cliff vesting
schedule.
- Average pension benefit in 1995, by income quintile:
| First quintile (equal to or less than $6,301) |
$ 2,574 |
| Second quintile ($6,302-$9,316) |
3,248 |
| Third quintile ($9,317-$13,808) |
5,535 |
| Fourth quintile ($13,809-$22,253) |
11,595 |
| Fifth quintile (equal to or greater than $22,254) |
24,748 |
Defined Contribution Plans
- Profit-sharing and savings and thrift plans are the most common types of defined
contribution plans. In 1993, there were 477,054 of these plan types in the private sector,
accounting for 77.1 percent of all private-sector defined contribution plans.
401(k) Plans
- The average employer match in 1995 was $0.50 per $1.00 of the first 6 percent of pay.
- The average actual deferral percentage (ADP) for highly compensated employees in 1995
was 6.1 percent, compared with 4.8 percent for non-highly compensated employees.
- In 1993, the average service requirement to participate in a 401(k) plan was 11.0 months
for full-time employees in medium and large private establishments.
Social Security
- The average age of first-time benefit award in 1995 was 63.7 for men and 63.5 for women.
- The number of persons ages 65 and older receiving Social Security benefits rose from
29.4 million in 1990 to 31.4 million in 1995, a 7 percent increase.
- Beneficiaries ages 85 and older increased at a greater rate (19 percent) during the
period from 1990 to 1995: from 3 million to 3.6 million.
- In 1995, the number of persons ages 100 and older who were receiving Social Security
benefits was 37,400.
- The average monthly benefit in December 1995 was $720 for retired workers, $682 for
disabled workers, and $680 for nondisabled widows and widowers.
Leave Benefits
| |
Medium and Large
Private Establishments |
State and Local
Governments |
Small Private
Establishments |
| |
| Tenure |
Average number of vacation days granted per year, by tenure |
| 1 year |
9.6 |
12.3 |
7.8 |
| 5 years |
13.9 |
15.3 |
11.5 |
| 10 years |
16.9 |
18.3 |
13.4 |
| 15 years |
18.9 |
20.3 |
14.3 |
| 20 years |
20.4 |
21.9 |
14.8 |
| 25 years |
21.7 |
22.6 |
15.1 |
| |
Average number of sick days granted per year |
| 1 year |
9.6 |
12.3 |
7.8 |
| 5 years |
13.9 |
15.3 |
11.5 |
| 10 years |
16.9 |
18.3 |
13.4 |
| 15 years |
18.9 |
20.3 |
14.3 |
| 20 years |
20.4 |
21.9 |
14.8 |
| 25 years |
21.7 |
22.6 |
15.1 |
| |
Percentage of employees allowed to carry over
vacation days into the next year |
| Carry Over Only |
24% |
72% |
17% |
| Cash In Only |
11 |
2 |
14 |
| Carry Over and Cash In |
11 |
8 |
9 |
| Unused Benefit Lost |
49 |
16 |
58 |
Work Force-Related Statistics
- Average age of the work force: 1965, 40.5 years; 1979, 34.7 years; 1995, 37.8 years;
2005, 40.5 years.
- Average number of years with most recent employer, by age:
| |
1951 |
1966 |
1973 |
1983 |
1987 |
1991 |
1996 |
| Males |
| 25-34 |
2.8 |
2.7 |
3.2 |
3.4 |
3.7 |
3.7 |
3.0 |
| 35-44 |
4.5 |
6.0 |
6.7 |
7.7 |
7.6 |
7.2 |
6.0 |
| 45-54 |
7.6 |
8.8 |
11.5 |
13.4 |
12.3 |
12.2 |
10.0 |
| 55-64 |
9.3 |
13.0 |
14.5 |
17.0 |
15.7 |
15.5 |
12.0 |
| Females |
| 25-34 |
1.8 |
1.9 |
2.2 |
3.1 |
3.1 |
3.2 |
2.7 |
| 35-44 |
3.1 |
3.5 |
3.6 |
4.6 |
4.9 |
5.0 |
5.0 |
| 45-54 |
4.0 |
5.7 |
5.9 |
6.9 |
7.3 |
7.3 |
7.0 |
| 55-64 |
4.5 |
9.0 |
8.8 |
10.5 |
10.3 |
10.4 |
10.0 |
For more information, contact Ken McDonnell, (202) 775-6342, or see EBRI's Web site at
www.ebri.org.
Source: EBRI Databook on Employee Benefits, fourth edition, 1997.
9/97 |
|
|
|
|
|
