Investment Company Institute conducted a study that shows that 56% of Defined Contribution plan participants agree that they probably wouldn’t save for retirement if they didn’t have a plan at work.
What does that tell you as a plan sponsor or a potential plan sponsor? It tells you that a 401(k) plan is an effective savings vehicle for you and your employees. While health insurance is probably the top benefit you could provide, a 401(k) plan comes #2. Despite all the criticisms, a 401(k) plan is still the most effective savings vehicle for your employees and your wallet.