Employee benefits are a hot topic these days. Many requirements under the health care reform law take effect in 2014. On the retirement side, the administration’s 2014 budget plan calls for new limits on accumulations in tax-advantaged retirement plans.
How these and other developments will change the benefits landscape remains an open question. But, at this juncture, a brief look at who currently receives benefits may be useful. A recent government analysis of private industry data reveals that as of March 2012:
• Most (70%) workers had access to medical benefits.
• Almost as many (65%) had retirement benefits.
• A majority (58%) had both medical and retirement benefits.
• Access to both benefits was highest among workers in management and professional occupations (76%) and lowest among service workers (30%).
• The smallest businesses (1-49 workers) were the least likely to offer both benefits.