In a new survey, LIMRA, Windsor, Conn., finds most employees want their retirement contributions automatically escalated annually once they hit age 45.
"The message to employers is don't be shy about implementing an automatic escalation option in your DC plans," says Marie Rice, corporate vice president and director of LIMRA's retirement research. "Employees understand they need to boost their retirement savings, and automatic escalation is a simple way to increase the amount they are saving annually."
The online survey, which included responses from over 300 consumers participating or accessing a DC plan, found 38 percent were automatically enrolled in their DC plans. Twenty-one percent were under automatic escalation while 16 percent were under both automatic enrollment and escalation.
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