Christopher Carosa, CTFA, ischief contributing editor for FiduciaryNews.com, a leading providerof essential news and information, blunt commentary and practicalexamples for ERISA/401(k) fiduciaries, individual trustees andprofessional fiduciaries.

How many workers would perk up if you told them they might beforfeiting almost $30,000 a year in retirement income that they already have? It'sthere, right now, and they don't even know it; their own inaction is causing them to lose it. Why?Because plan sponsors aren't telling them.

Here's the crazy thing: The plan sponsors aren't even awarethey're not telling their employees. It all comes down to semanticsand philosophy. Most people think incentives are more attractivethan penalties, that carrots are better than sticks, that you catchmore flies with honey than vinegar. All this may be consideredcommon sense, but in the real world of behavioral economics, loss aversion tells usthe negative is more effective at influencing behavior than thepositive.

Related: 4 behavioral strategies to boost financialwellness

In a 2016 study, researchers found more people would meet theirdaily goal of 7,000 steps a day if they were threatened withmonetary penalties every time they failed to meet the goal than ifthey were offered a reward of the same amount every time they metthe goal. How much more? About 30 percent more.

This has implications for retirement savers. If we get morepeople to save enough to receive the maximum company match, theycan retire wealthier.

It doesn't seem like we're that far off from seeing most peoplereceive the maximum company match. A 2015 study indicated 3 out of4 people contributed enough to receive the full match. The 25percent who failed turned away an average of $1,336 in free moneytheir company would have normally given them.

This might sound small, but over the course of one's career, itreally adds up. In fact, it adds up to nearly three-quarters of amillion dollars if today's 22-year old forfeits this annual amountevery year until retirement at age 70 (assuming an 8 percent annualreturn).

Viewed another way, the average worker who is not currentlydeferring enough to receive the maximum company match is givingaway $29,475 a year in retirement income. How can plan sponsorshelp encourage employees to avoid this loss? Well, “loss” is thekey word here. Traditionally, companies refer to their portion ofthe 401(k) contribution as the “match.” This incentive reads morelike the reward for walking 7,000 steps a day. “Do this and we'llgive you that.”

If we use the weight loss study technique as a guide, plansponsors would instead shift to a “Don't do this and we'll takethat away from you” approach. Instead of saying “We'll give you adollar for every dollar you defer,” companies should say “At thebeginning of the year you start with “x” amount of dollars. Forevery dollar less than your deferral goal, we'll take away a dollarfrom that starting amount.”

If this approach works the same way in a 401(k) setting as itdid for weight loss, a sizable chunk of those employees notresponding the “match” terminology will respond to the “take away”phrasing.

And they'll be a whole lot wealthier for it.