Automatic enrollment can be an ideal way to help employees:
- Overcome inertia and indecision
- Maximize benefits from the plan
- Improve their retirement readiness
Although employees can opt out of participating in the plan, very few are likely to do so. Industry research indicates that adopting automatic enrollment can help increase plan participation significantly.
The Standard’s efficient processes and systems make it easy to implement both automatic enrollment and automatic contribution increases. Talk to your relationship manager or retirement plan consultant about including automatic features in your plan design.