More eligible workers are participating in 401(k) plans administered by Wells Fargo, as increased auto-enrollment is bringing more millennials and lower-paid workers into the retirement savings fold. That’s according to new numbers released by the bank’s retirement services arm, which administers plans for 3.8 million participants.
The number of participating eligible employees rose 13 percent between 2011 and 2015.
As of now, 40 percent of Wells-administered plans offer the auto-enrollment feature, compared to 30 percent in 2011, according to a statement from Wells.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
