How do employees feel about their auto 401(k) plan?
A recent survey conducted on behalf of the Retirement Made Simpler (RMS) campaign by Harris Interactive® confirmed what many employers implementing automatic 401(k)s have come to find: Most employees appreciate automatic 401(k)s and find it makes saving easier. The study showed that of 696 adults currently enrolled in an automatic 401(k) plan:
- 98 percent agree they are glad their companies offer this savings vehicle, with 79 percent of them expressing strong agreement
- 95 percent agree that automatic enrollment has made saving for retirement easy
- 85 percent agree that automatic enrollment has allowed them to start saving for retirement earlier than planned
In addition, of those who were automatically enrolled only seven percent opted-out of the plan; of which a large majority reported being satisfied with the enrollment process overall.
Read the Retirement Made Simpler Employee Satisfaction Study