Automating your 401(k) is simple. And, it can help your company with three important concerns.
- Your employees can save more for retirement
- Employee satisfaction can increase
- It can be easier to pass nondiscrimination testing
More than half of all workers have
less than $60,000 saved for retirement. Employees need to save more, but many are simply overwhelmed by the decisions they have to make and don’t enroll. With your help, an automatic 401(k) gets them started on the path to a more secure retirement. In fact, by automating your 401(k), employee participation rates can spike to between 85 percent and 95 percent, particularly among those who are least likely to participate in a traditional plan: women, minorities, and low-income workers. And, administrative costs will remain nearly the same.
So don’t wait.
Learn more about how to automate.