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Automatic enrollment in 401(k) plans drives higher participation rates: Study

Posted On: Apr. 26, 2023 10:23 AM CST

Adoption of automatic enrollment in retirement savings plans continued to rise in 2022, finds a new report by T. Rowe Price, driving higher participation rtes, reports 401K Specialist. The annual benchmarking report analyzing on 401(k) plan design and participant behavior found that plan adoption of automatic enrollment rose to 85% in 2022. Participants with automatic enrollment in their workplace plans were likelier to participate, at 86% in 2022.