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Retirement Auto Enrollment Expands

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Many benefits managers say their employers are signing workers up for 401(k) plans and other defined contribution plans automatically.

When the International Foundation of Employee Benefit Plans, Brookfield, Wis., conducted a recent member survey, 39% of the 972 members who participated said their companies now sign employees up for defined contribution plans automatically, unless the employees choose to opt out.

The most popular automatic investment options are target data funds, which are supposed to be managed with the needs of employees who expect to retire around a certain date in mind.

About 54% of the participants said their employers’ defined contribution plans now offer target date funds.

Most of the IFEBP members work at large and midsize employers.