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

Over 60 million Americans were enrolled in 401(k) savings plans at the workplace as of late 2020, according to The Investment Company Institute (ICI).  At the end of the second quarter 2021, total 401(k) assets reached an estimated $7.3 trillion, up from $6.3 trillion for the same quarter in 2020 and $5.8 trillion in 2019.  Employers have been changing their tactics in order to encourage more workers to participate in savings plans.  The biggest change is that the largest companies now tend to enroll their employees in savings plans automatically, rather than waiting for the employees to request enrollment on…

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