Employers Make 401(k) Enrollment Automatic/Broad Changes Are Suggested for Retirement Savings Plans, Business and Industry Trends Analysis

Over 58 million Americans were enrolled in 401(k) savings plans at the workplace as of mid-2020, according to The Investment Company Institute (ICI).  At the end of the second quarter 2020, total 401(k) assets reached an estimated $6.3 trillion, up from $5.8 trillion in total assets for the same quarter in 2019 and, up from $5.3 trillion in 2018.  Employers have been trying harder to engage young workers in savings plans.  Many relatively young employees feel strapped for cash.  They may need current income to pay off student loans or to pay down credit card debt.  Participation rates among workers…

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