The Company Pension Made Simpler with Automatic 401k Enrollment
Retirement Made Simpler and coalition partner AARP have surveyed more than 800 large companies regarding automatic automatic enrollment in their defined contribution retirement plan. The study finds automatic enrollment features gaining recognition and acceptance among corporate leaders who are in charge of company pensions. The conclusions also emphasize the need for education. Companies need more information at their disposal if they are to win over barriers against automatic enrollment.
Other Findings about Automatic 401k Enrollment
- Most employers, 94% of them, are either "very familiar" or "somewhat familiar" with automatic 401k enrollment.
- A majority, 78%, are aware of automatic escalation.
- Forty-two percent of respondents report automatic enrollment features already in their 401k plan. That number that has been steadily increasing steadily over the past 10 years.
- Twenty-eight percent report an automatic escalation feature in their 401k programs.
Topic: Fixing the Retirement System Subtopics: The American Retirement System What Is Retirement Age? Pension Retirement Plan Reform Lifetime Annuities 401k Annuities 401k Annuities: A Proposal from TIAA-CREF 401k Annuities: Popular Support Cash Balance Accounts White House Reform Obama Retirement Reform Social Security Statements as a Model Models from Australia, New Zealand, and Canada What the Public Wants Multi-Employer Plans Automatic 401k Automatic IRA Tom Harkin Herb Kohl Other Advocates of Pension Reform Opposition to Reform
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