A news release said that the suite of services, Schwab Retirement Smart Steps, includes automatic enrollment, automatic savings increases, automatic investment selection and automatic mapping of new plans. Employees always have the option to opt out and make their own choices.
According to the announcement, the suite’s components include:
- Automatic enrollment
- Automatic savings increases
- Automatic investment selection
- Automatic mapping Defaulting all participants at once into investments that the plan sponsor selects, such as age-based target-date retirement funds, when the plan moves to Schwab.This option directs the investments of all participants into target-date retirement funds based on each participant’s age.