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.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.