Many Sponsors Stepping up their 401(k) Game in 2010

February 8, 2010 (PLANSPONSOR.com) – Less confident of their employees’ ability to sock away a sufficient retirement nest egg, mid- to large-sized companies in a new Hewitt Associates survey say they plan to step up their efforts in 2010 to help with that goal.

A Hewitt news release said its survey found 54% are less confident about their workers’ ability to retire with sufficient assets than they were in 2009 (66%), while 18% say they are very confident about their employees’ ability to have enough retirement income to last throughout their retirement years.

As a result, 80% of companies that suspended or reduced their company match in 2009 are planning to restore it in 2010, the poll found.

In addition, employers continue to emphasize auto 401(k) plan features.  Some 46% of employers that do not already offer automatic rebalancing said they are very or somewhat likely to add it in 2010, and nearly four in ten (38%) indicated they are very or somewhat likely to add automatic contribution escalation.