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April 05, 2005 01:00 AM

Match would sweeten DC participation, survey says

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    Participation in employer-sponsored defined contribution plans could rise dramatically if workers were to receive a matching employer contribution of up to 5% of their pay, according to the latest retirement confidence survey released today by the Washington-based Employee Benefit Research Institute and Matthew Greenwald & Associates. Nearly three-fourths of the 1,253 persons surveyed said an employer match would make them "much more" likely or "somewhat likely" to participate in a retirement plan at work. Other factors that could increase participation are lifestyle investment options that move participants' money into more conservative asset classes as they approach retirement (66%); and a provision that automatically increases workers' contributions by a fixed amount or percentage of pay when they receive a pay raise. Fifty-one percent of workers who do not participate in their employers' DC plans said they would if they received a matching contribution of up to 3% of pay.

    And while most workers surveyed said they were behind schedule in saving for retirement, two-thirds said they believe they will reach their goal by the time they quit working, even if they have only guessed at the amount of money they will need.

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    • Topics
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    • ETFs
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      • Commodities
      • Actively Managed
      • Alternatives
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    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
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      • DC Record Keeper Rankings
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    • Searches & Hires
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      • P&I Research Center
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      • Polls
    • Careers
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      • View All Conferences
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      • 2022 Retirement Income Conference
      • 2022 Managing Pension Risk & Liabilities
      • 2022 WorldPensionSummit