An average of 64.3 percent of employees eligible to participate in their organization's 403(b) plan made contributions to the plan in 2011, new research reveals.
Principal Financial Group Inc., of Des Moines, Iowa, published this finding in a summary of results from a survey of 403(b) plan sponsors. Conducted by Plans Sponsor Council of America and sponsored by Principal Financial, the survey polled 584 organizations with 403(b) plans, the number of plan participants ranging from one to more than 1,000.
The report finds that 403(b) plan participants contributed an average of 5.4 percent of their annual pay to the plan. And nearly three of in four (74.9 percent) of eligible active employees have a balance in the plan.
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