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October 26, 2005 at 08:00 PM
Corporations across the U.S. are changing the kinds of defined contribution (DC) plans they offer in an effort to improve participation and increase savings in retirement plans–a move experts say is greatly needed if individuals who are currently employed are to save adequately for their retirement, according to the recent 3Q 2005 CFO Outlook Survey conducted by Financial Executives International and New York-based Baruch College’s Zicklin School of Business.
Survey results showed 26% of companies with a DC plan now include an automatic enrollment feature, as compared to a mere 5% last year (21% of that total added in the feature in the past year).
