Participants in 401(k) plans of moderate means are deferring more of their pay to retirement plans than ever before, according to the Plan Sponsor Council of America’s 58th Annual Survey.
A “non-highly compensated” employee, an IRS classification, includes anyone making below $115,000 a year.
The cohort averaged a 5.8 percent deferral rate in 2014, up from 5.3 percent the previous year, about where the average has hovered since 1997.
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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.
