Most Washington firms offer no retirement benefits to employees.
Employer-provided benefits can make a crucial difference in meeting the needs of workers and their families. Family-friendly benefits include health care; child care; flexible schedules; telecommuting; retirement; paid sick leave, vacation, and holidays.
Although data about most benefits are available only at the state level, about a third of Washington’s workforce – and 41% of non-farm employees – live in King County.
- More than half of the private companies in Washington do not offer retirement benefits to full-time employees, and more than 75% do not offer these benefits to part-time employees.
- In the last 25 years, defined-contribution plans, which include 401(k)’s, profit-sharing, and stock bonuses, have replaced defined-benefit plans.
- As with other benefits, large companies were more likely than smaller ones to offer retirement plans to their employees. While 93% of companies with 500 or more employees offered some kind of retirement plan, only 33% of firms with fewer than 10 employees offered a retirement benefit in 2011 (data not shown).