5 critical elements of retirement plan communication
Auto-enrollment and escalation features have drastically increased 401(k) participation rates, but you still need a personalized communication plan to entice employees.
By Chuck Cornelio|November 12, 2012 at 11:50 AM
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The retirement planning industry has evolved significantly since the birth of the 401(k) plan. With the Pension Protection Act of 2006, doors opened for innovations in plan design including automatic plan features. In recent years, employers have increasingly adopted automatic features—including automatic enrollment, escalation and default investments—as a way to enhance retirement outcomes for plan participants.
And, plans that have been using automatic enrollment for eight years or longer see dramatic lifts in participation—90 percent compared with the industry average of 75 percent. Among plans that use automatic escalation, deferral rates are more than twice the industry norm at 8 percent versus 4 percent.
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