The Fact
BLS historical benefit surveys found that 80% of full-time employees in medium and large private establishments participated in defined-benefit plans in 1985. By 2000, participation was 36%. Survey coverage changed over this period, so BLS treats the series with methodological notes, but the long-term shift is unmistakable.
What This Means
During the years Gen X entered adulthood and the workforce, the traditional employer pension was rapidly becoming less common in large private workplaces.
Sources
- U.S. Bureau of Labor Statistics, Employee Participation in Defined Benefit and Defined Contribution Plans, 1985–2000; BLS ERISA at 50 historical review.