Americans have been contributing a greater share of their salaries to their 401(k) plan accounts — and that could have a substantial impact on retirement savings over time.
The interesting thing is, employers — not the workers — appear to be the primary cause for the overall savings increase.
But a tight labor market has also helped fuel greater 401 contributions from employers out of a need to be more competitive, Greenan said. The currentTrends in the design of 401 plans have helped buoy savings, as well. Business owners have also raised the contribution rates at which they automatically enroll workers over time.The Pension Protection Act of 2006 created incentives, such as an exclusion from some annual compliance tests, for employers that adopt automatic enrollment. Such plans are called “safe harbor” 401 plans.
Now, 6 in 10 plans automatically enroll workers at a rate of more than 3 percent — which is more than double the figure from a decade earlier.
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