A full 74 percent of employers reported they were planning no change in their matching contribution; 15 percent had either increased or were considering increasing the employer match; 8 percent had either decreased or were considering decreasing the 401(k) match; and 3 percent reported eliminating the match.
But, as they say, that was then and this is now. Another year of economic turmoil and uncertainty has spurred many organizations to rethink their employee benefits packages. A number of companies have reduced or eliminated their 401(k) matching contributions. Perhaps your organization did—or is considering doing—the same.
But is that the right course? Will your organization be putting itself at a competitive disadvantage?
It's time to get away from the hearsay and anecdotes, and look at some reliable data. BLR® is offering you a way to do just that—at no cost, and with with very little effort.
For years, BLR has conducted employee benefits surveys to find out what HR and benefits professionals had seen in the preceding year and what they were expecting in the coming year. This year, we are expanding that program by conducting a series of brief, targeted benefits surveys. The findings of these surveys will be analyzed and presented free to all respondents. And we’re starting with 401(k) benefits.
Today's topic: 401(k)
Employers continue to be concerned about employees’ financial preparations for retirement, the company's role in supporting those plans, and the proper place of 401(k)s as an important tool in overall benefits program design. How confident are you with your answers to the following:
- Are you offering competitive 401(k)/pension benefits to your employees? (Or considering it?)
- Are you confident that your company's plan is effective for recruiting talent?
- Is your current plan helping with retention?
- Are you providing adequate retirement resources?
Take our brief survey and see how your current course and plans for the future stack up against those of the country’s most successful companies.
The survey only takes a few minutes to complete, and it will help you stay on top of the trends in your industry and keep your company competitive.
By sharing your insight, opinions, and experience, you’ll help us highlight trends and define benchmarks—by industry, geographic location, and size of employer—that will inform your decision making for the coming year.
At the same time, you'll gain a highly valuable strategic planning tool that will help ensure that your company is offering competitive benefits.
Don't worry—all responses are confidential and only aggregate findings will be published.
Complete the 401(k)/Pension Benefit Survey
Thank you for your valued input.
P.S. Here are our upcoming survey topics. We hope you'll take part and share in the results:
- Health Care
- Benefits for Part-Time Employees
- Relocation and Business Travel
- Incentive Plans / Bonuses
- Disability Plans
- Voluntary Benefits
- Non-Traditional Benefits
- Paid Time Off