Wednesday, December 15, 2010


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Monday, December 13, 2010

EBRI: Job Tenure Ticks Up, Gender Gap Disappearing

The median length of time that full-time workers stay in their jobs ticked up slightly in 2010, to just over five years, continuing a slow increase in job tenure that began in 2004, according to a new report in the December 2010 EBRI Notes, by the nonpartisan Employee Benefit Research Institute (EBRI).

However, the EBRI analysis shows there are significantly different long-term trends by type of worker. For instance, job tenure for men has been falling since 1983, while women’s tenure has been rising over that period, to the point where the once-big gender gap in job tenure has almost closed. Because women’s tenure has been increasing while men’s tenure has been falling, the overall job tenure rate has been relatively stable.

EBRI also found that older workers appear to be staying in their jobs longer. But overall, the results show that the American work force over the past three decades has always had a high level of turnover—and probably will in the future as well.

“For the great majority of American workers, so-called ‘career jobs’ never existed, and they certainly do not exist today,” said Craig Copeland, EBRI senior research associate, and author of the study. “A distinct minority of workers have ever spent their entire working career at just one employer.”

The findings are published in the December EBRI Notes, “Job Tenure Trends, 1983–2010,” and are based on the latest data from the U.S. Census Bureau’s Current Population Survey.

The full report is online here.  The press release is online here.

Media coverage:
   Kansas City Star

Monday, December 6, 2010

EBRI/ICI Database in WSJ Retirement Article

The Dec. 6 Wall Street Journal uses data from the EBRI/ICI 401(k) database to illustrate its story on older workers who are approaching retirement without sufficient savings.

The article is titled, "Retiring in Five-10 Years? Uh-oh," online here.

The EBRI/ICI-based databox used in the article is online here.

For instance, the grapic cites EBRI/ICI data showing that that the average 401(k) balance at year-end 2009 was $139,932 for workers in their 50s who had been in the plan for at least six years, and that 60 percent of 401(k) funds were invested in stocks at year-end 2009, through stock funds, balanced and target-date funds, and employer stock.
Wall Street Journal, Dec. 6, 2010

Thursday, December 2, 2010

EBRI Survey Finds Consumer-Driven Health Plans Remain Small But Continue to Grow

The ranks of people enrolled in either a consumer-driven health plan (CDHP) or a high-deductible health plan (HDHP) reached 22 million in 2010, according to a report released today by the nonpartisan Employee Benefit Research Institute (EBRI). Participation in these account-based health care plans is low, but continues to grow, EBRI finds in its sixth annual Consumer Engagement in Health Care Survey.

The EBRI report found that enrollment in CDHPs rose to 5 percent of the privately insured population (5.7 million people) in 2010, up from 4 percent in 2009. Enrollment in HDHPs increased to 14 percent of the privately insured population (17.2 million people) in 2010, up from 13 percent in 2009.
The data are based on the 2010 Consumer Engagement in Health Care Survey (CEHCS), which analyzed the behavior and attitudes of 4,509 adults ages 21–64 with private health insurance coverage.

The survey is conducted by EBRI and Mathew Greenwald and Associates. “Findings From the 2010 EBRI/MGA Consumer Engagement in Health Care Survey” are published in the December 2010 EBRI Issue Brief, online here. The press release is online here.

Tuesday, November 30, 2010

EBRI Update: Savings Needed for Health Care in Retirement

The December 2010 EBRI Issue Brief updates original EBRI research on the savings needed for Medicare-eligible persons to pay for health care expenses in retirement.

Even though the new health reform law will reduce some health costs in retirement for many people, retirees will still need a significant amount of savings to cover their out-of-pocket health expenses when they retire, according to the new EBRI analysis. Women in particular will need more savings than men because they tend to live longer.

For instance, EBRI finds that men retiring in this year (2010) at age 65 will need anywhere from $65,000–$109,000 in savings to cover health insurance premiums and out-of-pocket expenses in retirement if they want a 50–50 chance of being able to have enough money; to improve the odds to 90 percent, they’ll need between $124,000–$211,000.

Women retiring this year at 65 will need even more: between $88,000–$146,000 in savings if they are comfortable with a 50 percent chance of having enough money, and $143,000–$242,000 if they want a 90 percent chance.

These estimates are for Medicare beneficiaries age 65 and older: Anyone retiring early, before age 65, would need even more.
The press release is online here.  The full report is online here.

Some media coverage of the report:

Monday, November 22, 2010

Latest EBRI/ICI 401(k) Database Update

The average 401(k) retirement account balance rose 31.9 percent in 2009, according to a report released today by the Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI) analyzing a group of consistent participants. The rise in 2009 was in line with the 2003–2007 pattern of steady increase in account balances and in contrast to the 27.8 percent decline in 2008. 

The EBRI/ICI report, 401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2009, is based on the largest database of its kind, with records on 20.7 million participants at year-end 2009, including 4.3 million consistent participants—those who have had 401(k) accounts with the same 401(k) plan each year from year-end 2003 through year-end 2009. 

The full report is being published simultaneously by EBRI and ICI and is on their websites (EBRI's is here, ICI's is here). The joint press release is here. 

Some initial media coverage of the report:
* Bloomberg/ Business Week
* Reuters
* Minneapolis Star-Tribune
* Financial Planning
* PlanAdvisor 

    Friday, November 12, 2010

    EBRI in Newsweek Retirement Article

    The Nov. 11, 2010 Newsweek has a good article using EBRI data on "What You Should Know Before You Retire--Experts share some of the best ways to plan for retirement in a post-recession world." A link to the full article is online here.