Towers Watson this morning released survey results showing that, despite increased involvement in 401(k) and other defined contribution plans, most U.S. employers lack confidence in the retirement readiness of their employees.
Of the 371 American employers that offer a 401(k) plan as a principal DC retirement option surveyed by Towers Watson, 56% say employee participation levels are at least 80% this year, up 6% from 2010. Most of that increase can be traced to automatic enrollment, which is featured in 65% of respondents’ plans this year, compared to 51% in 2009. Seventy-one percent of those who use auto-enroll also use automatic increase, Towers Watson finds.
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