Investing.com
Published Apr 08, 2024 22:42
2023 report features the latest trends in 401(k) plan design and participant behavior
Meanwhile, 401(k) plan participation saw a decline from 66% in 2022 to 63% in 2023. Participation remains significantly higher in plans with auto-enrollment compared to plans without it (83% versus 36%, respectively), underscoring the importance of auto-solutions like auto-enrollment and auto-increase.
"We've seen first-hand how simple 401(k) plan features like auto-solutions can significantly drive positive savings behavior," said Francisco Negrón, head of Retirement Plan Services at T. Rowe Price. "T. Rowe Price is dedicated to helping advisors and plan sponsors design plans that set up their employees for success, instill financial confidence, and put them on the path toward better retirement outcomes."
Additional key findings include:
The annual benchmarking report,
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price (NASDAQ: TROW) helps individuals and institutions around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Clients rely on the award-winning firm for its retirement expertise and active management of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price has
Written By: Investing.com
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