Automatic Enrollment a Win-Win


A study by Retirement Made Simpler, a coalition formed by the AARP, the Financial Industry Regulatory Authority and the Retirement Security Project (RSP), found strong employee approval of automatic enrollment in employer-sponsored retirement plans.


Employees surveyed were nearly unanimous in their support of being automatically enrolled—98% were happy their employer offered the savings vehicle. Most respondents felt the programs made saving for retirement easier (95%), and 85% thought it helped them start saving for retirement earlier than they originally planned.

Of those automatically enrolled, only 7% opted out of the plan.

According to RSP, companies using automatic 401(k)s typically see participation rates between 85% and 95%, in addition to increased participation among young, minority and lower-income workers.

Source: Financial Industry Regulatory Authority, www.finra.org .

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