This Issue Brief addresses
19 topics in the areas of pensions, health insurance, and
other benefits. In addition to the topics listed below,
the report includes data on the prevalence of benefits,
tax incentives associated with benefits, lump-sum
distributions, number of private pension plans, pension
coverage rates, 401(k) plans, employer spending on group
health insurance, self-insured health plans, employer
initiatives to reduce health care costs, and employers'
response to the retiree health benefits accounting rule,
and flexible benefits plans.
In 1992, U.S. employers (public and
private) spent $629 billion for noncash benefits,
representing nearly 18 percent of total compensation,
excluding paid time off.
In 1992, 71 percent of the 50.1
million individuals aged 55 and over received retirement
benefits, including distributions from private and public
pensions, annuities, individual retirement accounts,
Keoghs, 401(k)s, and Social Security.
Among the 76 percent of all private
pension plan participants who participated in a single
plan, 30 percent named a defined benefit plan as their
pension plan type, 58 percent named a defined
contribution plan as their pension plan type, and 12
percent did not know their plan type.
Private and public pension funds
held more than $4.6 trillion in assets at the end of
1993. The 1993 year-end assets are more than triple the
asset level of 1983 (nominal terms).
According to the Congressional
Budget Office, U.S. expenditures on health care were
expected to have reached $898 billion in 1993, up from
$751.8 billion in 1991, an increase of 19.4 percent in
nominal terms. Health care spending accounted for 13.2
percent of Gross Domestic Product (GDP) in 1991, is
estimated to have reached 14.3 percent of GDP in 1993,
and is projected to rise to 15.4 percent by 1995.
In 1992, 182.3 million persons
under age 65 had health insurance coverage, while 38.5
million people—or about 17.4 percent of the nonelderly
population—received neither private health insurance nor
publicly financed health coverage./li>
In 1991, 43 percent of full-time
employees of medium and large private establishments with
group health insurance coverage had a promise of
employer-financed retiree health coverage before age 65,
and 41 percent had a promise of such coverage at age 65.
As of December 1992, 2.93 million
individuals had purchased long-term care insurance from
135 insurers. This compares with 815 thousand policies
sold as of 1987.
In 1991, 39 percent of all
full-time employees in medium and large private
establishments were eligible for maternity leave, and 27
percent were eligible for paternity leave.
