Study: Calif. Retirees Have Less Access to Employer Benefits

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Wednesday, February 08, 2012

Study: Calif. Retirees Have Less Access to Employer Benefits

Californians do not have as much access to employer-sponsored retirement benefits as other U.S. residents, according to a study by the UC-Berkeley Center for Labor Research and Education, HealthyCal reports (Shanafelt, HealthyCal, 2/7).

Key Findings

The study found that the overall access rate for pension plans among Californians was 52% from 2007-2009, compared with 59.3% for U.S. residents overall (UC-Berkeley study,10/2011).

About 50% of California residents work for businesses that offer a retirement plan;
44% of residents employed by such companies participate in the plans; and
More than 45% of California employees age 24-64 are at risk of serious economic hardship when they retire.

Implications

According to the study, limited access to employer-sponsored health care and other benefits means that retired Californians have to rely more heavily on government programs (Shanafelt, HealthyCal, 2/7).