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401(k) plans: Here's what employees want — and when they want it

Jared Bilski
by Jared Bilski
October 13, 2010
  • Benefits
1 minute read
  • SHARE ON

Your workers do want help when it comes to socking away money for retirement. And they have a very specific time frame in mind for when that help should come.

According to the study by LIMRA, an insurance and financial services association, an impressive 67% of 401(k) participants said automatic escalation in their 401(k) plans  should begin when they reach age 45.

And by what amount should their plans increase? The study found that:

  • 45% of workers (especially those with incomes of $75K or more) said their plans should increase by 2% or more annually, and
  • 22% of workers said the increase should be 1% per year.

Of course, this doesn’t mean auto-escalation can’t work for your entire workforce. In fact, the study offered some compelling evidence of the need for employers to give their workers a little push when it comes to saving.

Only 15% of the employees in the study (not including the ones with auto-escalation plans), increased their contribution rate in the past 12 months. And 42% never changes their investments.

To see if you auto-escalation is right for you, try sending out a short survey to your employees.

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