Hewitt: 401(k) plans making a comeback

Posted Feb. 8, 2010 at 8:17 a.m.

By Mary Ellen Podmolik | There may be some good news coming from your employer: a new survey
shows many are considering restoring company 401(k) matches that they’d
suspended or done away with during the worst of the economic downturn.

Consulting firm Hewitt Associates says that 80 percent of companies
that tinkered with their 401(k) plans last year plan to restore the
plans this year and many plan to automate the plans to help workers
maximize their retirement plans. Hewitt also found that less than one
in five employers are very confident about their employees’ ability to
amass enough retirement income to last throughout their retirement

“While there has been marked growth in 401(k) balances since the market recovery began, we still see too many workers not saving and investing in a way that will help them achieve their retirement goals,” said Pamela Hess, Hewitt’s director of retirement research. “Employers are trying to do their part to help—which is why they are restoring their matching contributions and offering features and tools that push workers to save more throughout their working years.”

The survey found 51 percent currently offer online investment guidance and another 42 percent are at least somewhat likely to do so this year.

Hewitt’s survey focused on 162 mid- to large-sized U.S. companies representing 5.7 million employees.



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