Part-Time Workers: An Opportunity to Expand Retirement Plan Coverage

Workplace retirement plans have been one of the most effective ways of encouraging Americans to save for retirement. The convenience of payroll deduction, tax incentives, availability of investment options, and educational offerings have made workplace retirement plans an attractive way to save. However, many workers including part-time workers do not have access to a plan.

Transamerica Center for Retirement Studies’ 16th Annual Retirement Survey of Workers examines retirement preparations and expectations of American workers. Part-Time Workers: An Opportunity to Expand Retirement Plan Coverage, a short research report, examines differences of retirement plan coverage among workers based on their employment status (i.e., full-time, part-time). It illustrates the value of workplace retirement plans among part-time workers as supported by high participation and contribution rates, and it gauges the appeal of automatic features. Ultimately, the survey findings indicate that if more part-time workers were offered access to a 401(k) or similar plan, they would likely participate and save.

This report is based on a survey of more than 4,500 workers conducted in 2015.