Since passage of the Pension Protection Act of 2006, employers have been authorized by the Department of Labor to automatically enroll workers into 401(k) plans. This has proven to be a great way to encourage employee retirement savings and is generally seen as a favorable process for both employers and employees.
While there have been uses of automatic enrollment in other product lines, widespread authorization and support of the practice by the DOL was not published until Dec. 4, 2018. At that time, the DOL noted the belief that extending the ability of employers to offer employees automatic enrollment in disability coverage would be important for employee financial wellness.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now