More eligible workers are participating in 401(k) plansadministered by Wells Fargo, as increased auto-enrollment isbringing more millennials and lower-paid workers into theretirement savings fold. That’s according to new numbers releasedby the bank’s retirement services arm, which administers plans for3.8 million participants.

The number of participating eligible employees rose 13 percentbetween 2011 and 2015.

As of now, 40 percent of Wells-administered plans offer theauto-enrollment feature, compared to 30 percent in 2011, accordingto a statement from Wells.

That has meant more participation from younger workers, newhires, and lower-earning workers.

Participation among millennials has reached 55 percent ofeligible participants, compared to 45 percent in 2011. New hireswith one year under their belt are participating at a 48-percentclip, up from 36 percent four years ago. And employees makingbetween $20,000 and $40,000 are utilizing the 401(k) option at a rate of 59percent of eligible participants, up from 47 percent in 2011.

Joe Ready, head of Institutional Retirement and Trust at WellsFargo, thinks the industry drumbeat of retirement savings’imperative is showing signs of taking hold.

“I get very excited when I see the percentage of employeesenrolling in plans ticking up over the last four years because ittells me people understand that participation in their workplaceretirement plan is vital,” he said in a statement.

“We know that systematic, pre-tax savings and investing works.The first critical step along that journey is to get people in theplan,” he added.

But as participation rates have improved, employees’ deferral rates haveremained flat since 2011. These days about 38 percent of allparticipants defer at least 10 percent of their salary, a slightincrease from 34 percent four years ago: 28 percent of millennialscontribute at least that much, compared to 35 percent of Gen Xersand 45 percent of baby boomers.

About two-thirds of all participants are contributing enough to take advantage of theiremployers’ match: 54 percent of millennials utilizethe offer, compared to 63 percent of Gen Xers and 70 percent ofboomers.

The average balance across all demographics is just over$93,000, up from $69,800 in 2001, an increase Wells Fargoattributes to returns in the vastly improved stock market over thatperiod.

“What we really need to see is a more robust increase in howmuch people are saving,” said Ready.

Roth 401(k) utilization has moved to12 percent of participants, driven by millennial enrollment, proving theirimproved conscious engagement, as enrollees are not automaticallydeferred into Roth savings plans, which invest after-tax earningsin exchange for tax-free distributions in retirement.

Millennials also prove to be the best-diversified demographic,with 82 percent of younger workers meetings Wells’ basicdiversification standards, which means a portfolio consisting of aminimum of two equity funds, one bond fund, and no more than 20percent of assets invested in company stock.