Employers are becoming increasingly concerned about the financial well-being of their employees, and they are expanding how they demonstrate their loyalty. As it relates to financial wellness, employers are also taking an active role to help employees reach their long-term financial goals. In addition to simply offering a defined contribution retirement plan, employers are embracing the ability to automatically enroll workers in their 401(k) plans. This is known as automatic enrollment, or automatic contribution arrangement. Taking this 6% salary deferral multiplied by average annual income results in the typical American saving less than $3,000 per year in their retirement plan.

Source: Forbes September 09, 2017 12:56 UTC