Tag: employer contributions to 401(k) plans
How unusual is a 10-percent 401(k) contribution – with no required employee contribution? A reporter asked recently what I thought of the new 401(k) contribution rate in the United Auto Workers (UAW) agreement with Ford, General Motors, and Stellantis. The companies have agreed to increase their 401(k) contributions from 6.4 percent 10 percent of pay…
The brief’s key findings are: One reason young workers don’t save for retirement is that the event is so far off. An experiment to boost their saving tested different ads: abstract or concrete wording (“why you should save more now” vs. “how you can save more now”); and a short- or long-term savings goal (“how…