Pension status of recently retired workers on their longest job: findings from the New Beneficiary Survey

Pension coverage among recently retired workers was greater in the early 1980's than it was a decade earlier. Workers whose longest job was with a private employer and women workers were among the groups that experienced the largest increases in coverage by a pension plan other than the social security program. Private pension plan coverage increased from 47 percent to 64 percent for men and from 21 percent to 39 percent for women. The key factors analyzed here include industry, occupation, length of employment, and earnings. Data from the New Beneficiary Survey reveal that a high proportion of covered workers received pension payments at retirement. Pension payments were received by 9 in 10 retirees covered by a government plan and by 3 in 4 retirees covered by a private industry plan on their longest job. In addition, lump-sum payments were received by 12 percent of the men and 21 percent of the women in private pension plans.