About one in four HR professionals report that less than half of their employees participate in their employer's retirement savings plan, according to a recent Compensation.BLR.com poll.
When asked "What percentage of employees participates in your retirement savings plan?," 26 percent of respondents answered "Less than 50 percent," while 24 percent responded "Between 50 and 75 percent."
Meanwhile, 25 percent answered that employee participation in their employer's retirement savings plan stood "Between 75 and 90 percent," while 19 percent reported that "More than 90 percent" of employees participated in their company's savings plan. Just six percent responded that "We don't offer one."
The Compensation.BLR.com poll included 186 respondents.
In October, the Department of Labor unveiled a final rule establishing qualified default investment alternatives, making it easier for employers to enroll workers automatically in their 401(k) and other defined-contribution plans. For details, read our coverage.
Meanwhile, A new study of employer-sponsored retirement plans has found that employee support of automatic 401(k) enrollment is overwhelmingly positive. Specifically, it found that 98 percent of U.S. adults currently enrolled in an automatic 401(k) plan agree they are "glad" their company offered automatic enrollment, according to a press release announcing the survey. Read our coverage of the study here.