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While the majority of eligible employees participate in 401(k) plans, there is still room for improvement. That’s the word from Bank of America, which has released its 2022 Financial Life Benefits Impact Report.

Based on proprietary data from 3.1 million participants in the financial company’s employee benefits programs, 58% engage with 401(k) savings. That said,  61% of contributing employees contributed less than $5,000 in 2021, and fewer than 1 in 10 contributed at the allowable 402(g) limit.

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