Employers generally offer 401(k)s to attract and retain productive workers, not to propel those employees into a secure retirement. The majority of companies (51 percent) offer a 401(k) to keep high performing employees happy, according to a recent Wells Fargo and Boston Research survey of 357 employers. Less than half (45 percent) of the firms say their benefit programs primarily aim to help workers achieve a financially sound retirement.
The top 401(k) concerns among plan sponsors are the stock market’s impact on account balances (26 percent) and worker appreciation and use of the plan (25 percent). Only 19 percent of employers have a top priority of providing employees with the financial ability to retire. Just 10 percent of the employers in the survey project each employee’s retirement income and compare it to their expected retirement needs.
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