Of these employers,
- some 63% will do so by June 30, 2002,
- while 31% will delay the move until the second half the year
The survey, by Hewitt Associates, also revealed that 16% of the sample is still considering adding the feature.
Hewitt also found that:
- just over two thirds of plan sponsors plan to implement the higher defined contribution limits, now $40,000 or 100% of pay higher figures,
- whereas 16% are still considering adding this feature
In addition, almost 30% of employers are considering adding automatic enrollment, in bid to boost participation rates.
Survey findings also show that:
- some 47% of plan sponsors will increase their focus on account-based pension plans and defined contribution plans,
- while another 17% of employers are considering this move,
- some 46% will revise rollover procedures to accommodate employees who want to transfer IRA and after-tax contributions into their defined contribution plan,
- while 17% are considering revising this procedure, and
- almost 20% will implement a 529 college savings plan,
- while 46% are considering doing so
Hewitt’s 2001 Employer Reaction to EGTRRA Legislation survey was conducted in November and December 2001 last year and comprises responses from 163 organizations.