Auto-Enrollment Takes Participation to 100%
Auto-enrollment increases employee participation. In this case, auto-enrollment into the 401k plan helped to boost the Orlando Regional Realtor Association 401k plan participation rate to 100%! This is a major accomplishment for any participant funded retirement plan. After a Plan Sponsor University (TPSU) Program at Rollins College in Orlando, Florida, Mr. Steff Chalk, Executive Director of TPSU interviewed Ms. Melinda Skinner, Plan Administrator of the Orlando Regional Realtor Association. After attending a TPSU program a couple of years ago, Ms. Skinner decided to implement auto-enrollment.
401k Auto-enrollment is a TPSU Program best practice strategy discussed during Session 5, Designing Your Ideal Retirement Plan. Ms. Skinner knows that 401k auto-enrollment works since eligible employee participation at her firm is at 100%.
The Orlando Regional Realtor Association plan’s participation is proof that 401k Auto-Enrollment increases employee participation rates.
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