US - Former New York State comptroller Carl McCall is heading a campaign to urge employers to make it easier for workers to enroll in 401(k) plans.
The American Association of Retired Persons (AARP) campaign was launched to help millions of New Yorkers gain retirement security by advocating employers to adopt automatic 401(k)s, unless they opt out.
McCall said: “There is money on the table you’re not taking advantage of when you don’t enroll in a 401(k).”
Nearly a quarter of private sector employees working in mid to large sized firms offering 401(k) plans failed to participate last year and many other employees do not maximise their potential savings, according to a recent AARP study.
The study showed automatic enrolment led to increased level of participation rates and the amount of contribution levels.
The campaign would include seminars on investor protection and investor education throughout the state.
McCall said it would also improve the employer’s ability to recruit and retain needed talent.
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