Nearly 875,000 employees increased their contributions to 401k plans in 2010, a 21% increase over 2009’s level of 721,000 employees, according to BofA/Merrill Lynch’s Retirement & Benefit Plan Services report. The quarterly report tracks plan participation within BofA/Merrill’s proprietary 401k business, which oversees about 1.5 million people and $92.1 billion in total plan assets.

Some of the specific findings include: a 7% increase in the use of automatic enrollment, with more than 250 plans with this feature; a 23% increase in the use of automatic increase, with more than 140 plans now using it; and a 23% increase in plan sponsor adoption of the advice access service.

Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access