While the greatest single influence on participants in retirement plans to save is the employer match, record keepers' actions and influence, put together, can add up to a force just as powerful.
That's according to the second annual Participant FELT (Financial Empowerment, Literacy and Trust) Study from the National Association of Retirement Plan Participants, a nonprofit organization and advocate for individual savers in 401(k) plans.
According to NARPP, the study's objectives are to identify the top influences on retirement savings, and to measure the success of individual plan providers in helping participants save. Other elements of the study are the importance of participants' financial literacy and their trust of service providers.
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