Are employers changing their 401(k) contributions?
Employers have been ardently urging employees not to alter their 401(k) contributions, but are these employers taking their own advice?
The overwhelming majority of companies haven’t changed anything about their 401(k) programs — including their contributions to employees. That’s according to a WorldatWork/American Benefits Council survey.
Check out the chart below for a breakdown of what employers have done with their 401(k) plans over the past 12 months, and see how you stack up.
And employees are continuing to save for retirement. Around 66% of the employers in the study said at least 70% of their “eligible employees” were enrolled in a 401(k) plan in 2008.
Remaining consistent with your 401(k) contribution rate instills confidence in employees and shows you’re dedicated to the program’s long-term success.
The survey was conducted by WorldatWork along with the American Benefits Council and was based on the responses of 505 employers.
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