In automatic enrollment
plans, nearly two-thirds of millennials were also enrolled in an automatic increase feature.
The survey covers a wide variety of topics relevant to plan sponsors and the industry at large, including data on participation rates, catch-up contributions, company contributions, asset allocation, investment options, company stock, professional management, investment advice, automatic enrollment
, and more.
May 29 /PRNewswire/ -- MassMutual's Retirement Services Division has released a new research paper regarding the use of target retirement date investments as the default option for retirement plans with automatic enrollment
The Pension Protection Act (PPA) of 2006 made it easier for plan sponsors to help participants achieve a diversified investment portfolio by providing a "qualified default investment alternative," or QDIA, used when plan sponsors are directing the investment of account balances such as in automatic enrollment
The act was formulated to remedy the under-funding of many defined benefit plans, address the future of tax- advantaged savings plans created by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), and grant employers the authority to offer automatic enrollment
and salary deferral features to defined contribution plans.
In fact, nearly two-thirds of employers surveyed have implemented automatic enrollment
The suite of services, called Schwab Retirement Smart Steps(TM), includes automatic enrollment
, automatic savings increases, automatic investment selection and automatic mapping of new plans.
CHICAGO -- The Profit Sharing/401k Council of America (PSCA) said today that it commends President Obama for removing a provision from his final Budget that required all 401(k) plans to provide automatic enrollment
The Budget appears to require that all employer-provided 401(k)-type plans offer automatic enrollment
of all eligible employees.
New Survey Shows Greater Use of Automatic Enrollment
and Higher Participation Rates
More than 300 defined contribution plans administered by Vanguard used automatic enrollment
in 2007, triple the number in 2005.
Employers can jump-start employees' retirement savings through automatic enrollment
in their company's 401(k) plan