More employers have added 401(k) matches, advice and automatic features to increase plan participation and encourage savings, according to data released today by Schwab Retirement Plan Services. The data is based on Charles Schwab's approximately 1.5 million company retirement plan participants.
Eighty-three percent of employers made 401(k) advice available to plan participants, up from 42% in 2005. The advice is available through Schwab's "Guided Choice" analysis tool, which makes asset allocation recommendations based on the participant's age, salary, outside financial assets and other factors, said Mike Peterson, a spokesperson for Charles Schwab.
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