Despite the Great Recession, the vast majority of employers kept their retirement benefits intact as a way to attract and retain employees, according to a new white paper by the Transamerica Center for Retirement Studies.
Even though many companies cut budgets or downsized after 2007, the percentage of employers sponsoring 401(k) or similar plans increased from 72 percent in 2007 to 82 percent in 2012. The increase was mostly attributable to companies with 10 to 499 employees, authors of the paper found.
Throughout the Recession, of workers who were offered a 401(k) or similar plan, 77 percent participated, and in 2012, annual salary deferral rates returned to their 2007 level of 7 percent after dipping to 6 percent in 2009/10 and 2011.
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