In response to growing concerns about retirement readiness, many employers are increasing the amount of their retirement plan contributions, a move industry experts say has also led to increased account balances and plan engagement.
On average, employers contributed 4.7% of pay to the plan in 2013, up from 4.5% in 2012 and 4.1% five years ago, according to the Plan Sponsor Council of America. The trade group's 57th Annual Survey of Profit Sharing and 401(k) Plans found most (80.1%) plans make a match on employee contributions and 98% of those plans made the match in 2013.
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