10 key features of a retirement-ready 401(k)
Employers have the responsibility to help their employees achieve retirement readiness by offering a 401(k) plan with features that guide participants down the right path. The following attributes are generally found in retirement-ready 401(k) plans.
1. Auto-enrollment
2. Auto-escalation
3. Auto re-enrollment
The combined use of these three “auto” features generally results in plan participation rates in the low 90% range. These features also give participants a shot at attaining the annual contributions of 12% to 15% of gross pay that