Increasing fears that Americans won't be able to afford to retire are prompting employers to enhance their defined contribution plans, with automatic features among those being added.
A Willis Towers Watson survey finds that increasingly plan sponsors are adding enhancements to their retirement plans, including automatic features.
In fact, 73 percent now automatically enroll new participants—a percentage that's been rising steadily, from 52 percent in 2009 and 68 percent in 2014. Still, 47 percent of those who haven't added auto-enrollment cite cost as the chief reason not to do so. They also hesitate to add reenrollment, with 80 percent only making the effort to auto-enroll at the time the employee is hired.
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