Employers are taking a more engaging and firm approach to making sure employees take retirement saving seriously, making use of automatic enrollment and escalation, as well as personalized tools. And both employers and retirement plan providers are noting changes in the savings attitudes of employees.
In a year-long period that ended in June, Bank of America Merrill Lynch reported the number of 401(k) plans combining auto enrollment and auto increases grew by 19% over the prior year, with 213 of its plans now using these features in tandem.
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