As the deluge of information is set to unfold for 401(k) plan participants, have employers been doing a good job of enticing their workers to take part in savings programs – and are there easier ways for those participants to become informed consumers?
Bank of America Merrill Lynch's new 401(k) Wellness Scorecard has found a significant increase in the number of employees participating in defined contribution plans and a marked jump in the contributions of those workers taking part.
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At the heart of that increase – more than 142,000 new participants (or individuals upping their participation) in the second quarter of 2012 alone – is the growing popularity of automatic features, according to Michael Liersch, director of Behavioral Finance for BofA/Merrill Lynch.
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