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ARTICLE · 12 APRIL 2009

Helping Your Employees Help Themselves: Automatic Contribution Arrangements

Crowe Horwath LLP
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The 401(k) plan remains one of the best savings options available, especially for long-term retirement goals, but many employees still do not participate.

United StatesAccounting and Audit
Mark Swanson
Mark Swanson

The 401(k) plan remains one of the best savings options available, especially for long-term retirement goals, but many employees still do not participate. Author Mark Swanson explains why an automatic contribution arrangement might be just the tool for making inroads with this group of holdouts.

"These are the times that try men's souls." Thomas Paine's phrase describing the 18th century also seems appropriate today in light of the turmoil of the financial markets. Events have put a renewed emphasis on savings and prudent financial decisions – such as taking advantage of automatic contribution arrangements (also known as automatic enrollment arrangements). Under such arrangements, employees are automatically enrolled in the company's 401(k) plan unless they affirmatively elect not to participate. Rather than being asked if they would like to participate, employees are asked if they don't want to participate.

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