Enjoying retirement (plans)
Minnesota State Roundup
Published May 1, 2006 | May 2006 issue
Apparently, more workers in Minnesota will enjoy the good life in retirement. That's based on a report late last year by the Employee Benefit Research Institute, a nonprofit national benefits research organization.
The report found that public and private workers in Minnesota had the highest rate of participation in employment-based retirement plans in the country—67.6 percent for full-time, full-year workers, compared with a national average of 56.6 percent.
Though it ranked comparatively high for public worker participation, it surged to the top among private-sector workers, where it had the highest participation rate in the country—54 percent—for workers aged 21 to 64, compared with a national average of 43 percent. That rate was also higher than any other district state.
Hand in hand with that performance, the participation rate of all workers (full- and part-time) in the Twin Cities was the highest of 30 metro regions across the country. Again, the rate was largely due to high private-sector participation. At 56.3 percent, the Twin Cities beat the national average by 13 points, and was one of only four metros to post a rate higher than 50 percent.
—Ronald A. Wirtz