The percentage of workers who participate in a retirement plan increased in 2013 for the first time since 2010, according to a report by the nonpartisan Employee Benefit Research Institute.<\/p>\n
Participation rose to 40.8 percent, up from 39.7 percent in 2010. The number of workers participating rose to 64.2 million last year, which is the highest number since 2007.<\/p>\n
Let\u2019s not uncork the champagne bottles, this is still a dreadfully low number. If 40.8% participate, that means 59.2% do not. The reason for this pathetic number is because 30 percent of eligible workers don\u2019t participate in their employers\u2019 401(k) plans.<\/p>\n
What can we do about it? A plan sponsor should add an automatic enrollment feature, offer more of an employer contribution, offer investment advice, or perhaps improving the plan providers where improvement is needed.<\/p>\n
We have a retirement plan crisis in this country and this survey just proves the point.<\/p>\n
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