Retirement plan participants recognize need for automatic features
Employers wrongly fear worker pushback on retirement plan automatic features, study shows.
By Marlene Y. Satter|July 27, 2016 at 05:15 AM
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Plan participants, despite sponsors’ efforts at education, still lack confidence in their ability to evaluate retirement needs and save and invest enough to meet them — but automatic features such as auto-enrollment and automatic contribution escalation, or auto-escalation, can help bridge the gap.
That’s according to a J.P. Morgan Asset Management research study on plan participants. The resulting white paper, “Guiding Participants from Intent to Action: 2016 Defined Contribution Plan Participant Survey Findings,” said that many plan participants have a number of reasons to doubt that they’ll be able to retire with enough money to meet their needs.
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