Many large and midsize U.S. employers will be doing more to help workers maximize 401(k) savings this year.
Consultants at Hewitt Associates Inc., Lincolnshire, Ill., have published figures supporting this conclusion in a summary of results from a recent survey of 162 large and midsize U.S. employers.
The employers have a total of 5.7 million employees.
The Hewitt consultants found that:
- Only 54% of participating employers are confident about workers' ability to retire with enough assets, compared with 66% in 2009.
- Only 18% are very confident about their employees' ability to have enough retirement income to last throughout their retirement years.
In 2009, many employers suspended or reduced company efforts to match employees' retirement plan contributions.
About 80% of the employers that suspended or reduced the match in 2009 said they plan to restore the match this year, Hewitt consultants report.