Have you recently thought about adding auto-enrollment to your company’s 401(k) plan? If so, there are a few things to be aware of before deciding.
First, what does auto-enrollment mean to the U.S. Department of Labor (DOL)?
According to the DOL, automatic enrollment permits you to act on your employees’ behalf by helping them build their retirement savings with pre-tax employee contributions, and matching contributions from you, the employer. Automatic enrollment can take different forms: