Employees have taken positive steps in building their retirement nest eggs, according to data released recently from the Bank of America Merrill Lynch Plan Wellness Scorecard. And employers are steering them in the right direction through plan design, education, communication and guidance.
Employee engagement with workplace retirement plans surged with every metric the study measured. Total contributions increased by 14% and the number of employees with balances grew 16% in 2015. The number of employees who started contributing or increased their contributions to their savings grew 82% from 2012 to 2015, suggesting that employees are taking advantage of savings opportunities within their plans as they prepare for retirement.
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