While 401(k) account balances are at an all-time high, only a small percentage of plan sponsors believe their employees are on track for retirement.
A recent Deloitte survey found that three-quarters of employers believe their employees' retirement readiness is a top priority, with 32 percent—a 7 percent increase from 2011—having conducted retirement readiness assessments for employees. The average 401(k) balance is just above $85,000.
Offering options such as automatic enrollment, Roth 401(k) features and individual financial counseling has had a positive impact on plan participation and awareness, according to the survey. Eighty-six percent of plan sponsors who implemented automatic enrollment have seen a positive impact on plan participation by employees.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
