Use auto-enrollment and auto-escalation features to improve participation and savings rates. Automatically enrolling new hires and those who have chosen not to participate in the retirement plan in the past is a great way to boost retirement savings. Most people won't opt out of the plan once they are in it. Auto-escalation features allow the plan to collect more money from employees every year, but at a small enough percentage that it is hardly noticeable in an employee's take-home pay.

Trim the number of investment choices to improve savings rates. Research has found that too many investment choices can paralyze participants, causing them to avoid participating in the plan altogether.

Consider investments that automatically diversify holdings based on the investor's age and risk tolerance, such as target-date funds. These take the guesswork out of investing and help participants stay on track over time.

Organize the company's matching contribution in such a way that it will force employees to save 10 percent or more. Instead of offering a match of 50 percent up to 6 percent, consider offering a match of 25 percent up to 10 percent to get employees jazzed about saving more. An employer's matching contribution should be considered part of a worker's overall earnings package.