Businesses, more than ever before, are helping their employees get on track and stay on track for their retirement. There is an increasing amount of employers offering a retirement savings plan to their employees these days. An article in the Washington Post states that employers are also adding features such as Automatic Enrollment to their company’s retirement plan in order to increase plan enrollment and to ensure escalated savings throughout their employees’ careers.

Businesses, more than ever before, are helping their employees get on track and stay on track for their retirement. There is an increasing amount of employers offering a retirement savings plan to their employees these days. An article in the Washington Post states that employers are also adding features such as Automatic Enrollment to their company’s retirement plan in order to increase plan enrollment and to ensure escalated savings throughout their employees’ careers.

 

Employers know how important it is for their employees to save for their retirement and helping their employees set aside money for that financial cushion has become a larger task lately. With the economy in a slump, times are tight for many hard working Americans and with many young employees entering the workforce uninformed about the benefits of enrolling into their company’s retirement plan, a majority of American workers aren’t putting enough money away for later. Employers are starting to recognize this and have started to take action.

 

Many retirement plans are offering features such as Automatic Enrollment that allows employers to automatically enroll eligible employees into their retirement plan at a set default. Employees begin to automatically save for their retirement, rather than pocket the extra money and spend it. With this approach, employees don’t necessarily miss the money they are saving, since they never had it in their hands to spend in the first place. Employers are advised to set up educational workshops that teach their employees and their spouses how to manage their retirement portfolio and increase their savings percentage throughout their career to ensure that they have a good cushion of money to rely on once they retire.

 

NADART offers a number of features, including Automatic Enrollment and the Roth 401(k) option, to ensure that your employees are enrolling early and are increasing their savings throughout their career. For more information about the plan features available, please browse our Web site. You can also contact one of our representatives at (800) 462-3278, ext. 7161 or by e-mail at nadart401k@nada.org.