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In 2022, almost half of American households had no savings in retirement accounts, according to the Survey of Consumer Finances (SCF).  The situation is particularly acute with employees of small employers, which may not offer retirement plans at all.  For many such employers, the cost and regulatory requirements have proved a deterrent to implementing such plans.  And while employees can set up individual retirement accounts on their own, experience has shown that the likelihood of an employee saving for retirement is significantly increased if the employee has access to an employer-provided plan, particularly one with automatic enrollment.

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