A T. Rowe Price study finds that sponsors of larger 401(k) plans are committed to workers’ retirement security in a broader way than previously thought.
In “HR Perspectives: A Survey of Larger 401(k) Plans,” human resources and benefits professionals administering 401(k) plans with assets of $100 million to more than $1 billion indicated that they are not only taking responsibility for retirement preparedness but are also taking steps to offer a number of automatic programs, matching contributions, stretch matches and other actions to drive successful retirement outcomes.
For instance, 41 percent say helping retirees manage income from their 401(k) is a major strategic goal for their plan, while nearly half (48 percent) say they have a formal metric to track the retirement preparedness of their employees.
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