Benchmark showing percentages of employers who made specific changes to their 401(k) plans.
Money talks when it comes to boosting participation in employee savings plans: the most effective change cited in a recent survey was an increase in the company match. More than a third of the companies that had tried it reported a 10% or greater rise in participation.
Percentage of employers who made the following changes to their plans in the past two years: Added investment options 63%
Increased employee communication 45%
Increased employer match 23%
Added loan feature 17%
Eased eligibility restrictions 9%
Removed investment options 6%
Accelerated vesting schedule 5%
Source: "Employee Savings Plans," Foster Higgins, New York City, 1993.