By BLR Founder and CEO Bob Brady
A lot of things have changed in the past year, causing priorities to shift and business practices to be reevaluated. Are you wondering how the situation at your organization compares with others in your industry?
Last December, a survey conducted by WorldatWork and the American Benefits Council found that the financial crisis had not significantly discouraged employer 401(k) contributions or participation.
A full 74 percent of employers reported they were planning no change in their matching contribution; 15 percent had either increased or were considering increasing the employer match; 8 percent had either decreased or were considering decreasing the 401(k) match; and 3 percent reported eliminating the match.
The survey found that more than 9 out of 10 U.S. companies were offering an employee 401(k) plan. In addition, despite the widely reported drop in account balances, two-thirds (66 percent) of organizations indicated that at least 70 percent of eligible employees participated in those 401(k) plans in 2008.
But, as they say, that was then and this is now.
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For years, BLR has surveyed employee benefits to find out what HR and benefits professionals had seen in the preceding year and what they were expecting in the coming year. This year, we are expanding that program by conducting a series of brief, targeted benefits surveys. The findings of these surveys will be analyzed and presented free to all respondents. And we’re starting with 401(k) benefits.
Today’s topic: 401(k)
Employers continue to be concerned about employees’ financial preparations for retirement, the company’s role in supporting the plans, and the proper place of 401(k)s as an important tool in overall benefits program design. How confident are you with your answers to the following:
- Are you offering competitive 401(k)/pension benefits to your employees? (Or considering it?)
- Are you confident that your company’s plan is effective for recruiting talent?
- Is your current plan helping with retention?
- Are you providing adequate retirement resources?
Take our brief survey and see how your current course and plans for the future stack up against those of the country’s most successful companies.
The survey only takes a few minutes to complete, and it will help you stay on top of your industry and keep your company competitive.
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Complete the 401(k)/Pension Benefit Survey Now
By sharing your insight, opinions, and experience, you’ll help us highlight trends and define benchmarks—by industry, geographic location, and size of employer—that will inform your decision making for the coming year.
At the same time, you’ll gain a highly valuable strategic planning tool that will help ensure that your company is offering competitive benefits.
Please be assured that all responses are confidential and only aggregate findings will be published.
Complete the 401(k)/Pension Benefit Survey
Thank you for your valued input.
Bob Brady
CEO, Business and Legal Resources (BLR)
P.S. Here are our upcoming survey topics:
- Health Care
- Benefits for Part-Time Employees
- Relocation and Business Travel
- Incentive Plans / Bonuses
- Disability Plans
- Voluntary Benefits
- Non-Traditional Benefits
- Paid Time Off