US. Automation making a big difference in millennials’ retirement plans
Wells Fargo, after examining the 4 million accounts of its 401(k) plan participants, found that its millennial workers are saving more for retirement when automatic enrollment and qualified default investment alternatives, like target-date funds and managed accounts, are made available.
In fact, Wells Fargo found that 85% of younger workers stay in the plan when automatically enrolled, according to a study the financial services company release titled “Wells Fargo Driving Plan Health.”
Wells Fargo finds that when younger workers are automatically enrolled into their retirement plan, 85% of them stay in the plan. When automatic enrollment is taken out of the equation, only 38% of younger workers participate in their workplace retirement plan, the report finds.
Full Content: Employee Benefits Adviser
Remember to subscribe to our free weekly newsletter for more news or subscribe to our service to get unlimited access.
