Academic journal article Journal of Accountancy

More Employers Offer Retirement Plans at Lower Costs

Academic journal article Journal of Accountancy

More Employers Offer Retirement Plans at Lower Costs

Article excerpt

According to a survey of organizations with 200 or more employees, 91% were offering retirement plans in 1995, up from 89% in 1994 and 78% in 1993, while their costs for the plans were 6.5% of payroll, down from 6.75% in 1994 and 1993.

For the survey Retirement Benefits in the 1990s, sponsored by KPMG Peat Marwick, human resources directors at 1,183 organizations answered questions about their employer's defined benefit, 401(k), 403(b), profit-sharing and other plans. CPAs may find the information useful in showing how competitive their clients, retirement plans are and in suggesting various plan aspects to consider when advising those clients.

Organizations with the highest percentage of respondents who reported offering some type of retirement benefit were in communications (100%) and manufacturing and state and local governments (each about 97%). Retail was the category with the lowest percentage (68%). The most frequently available single plan was the 401(k); 58% of respondents offered this. …

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