Payroll Deduction Retirement Programs Build Economic Security: Ohio Fact Sheet

Le résumé fourni par la source

Access to an employer-based retirement plan is critical for building financial security later in life. Yet, about 42 percent of Ohio's private sector employees-roughly 1,821,000 1 -work for an employer that does not offer either a traditional pension or a retirement savings plan. That 42 percent includes workers at all levels of earnings, education, and backgrounds. All of them would benefit from the ability to use payroll deduction to save for retirement. Ohio's Situation by the NumbersAbout 42 percent of Ohio private sector workers ages 18 to 64 in 2020 were employed by businesses that do not offer any type of retirement plan.• • Small business employees are less likely to have a plan.The smaller the employer, the less likely its workers are to have access to a retirement plan.Seventy-five percent of workers at Ohio firms with under 10 employees, and about 58 percent at companies with between 10 and 24 employees lack a plan.In businesses with under 100 employees, 886,000 workers do not have access to a retirement plan, compared with about 934,000 workers in businesses with 100 or more employees.

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