Sixty-eight percent of employers report that their company allows employees to contribute 25% or more of their earnings into their 401(k) plan, according to a recent survey of 401(k) practices by BLR.
This is a significant increase over the 58% of organizations that allowed such 401(k) contribution levels in BLR’s Survey of Employee Benefits in late 2006.
While 22% of responding employers do not match employee 401(k) contributions, 32% match between 2% and 4% of salary, and 33% match up to 6%. Of those organizations that match 401(k) contributions, most (59%) match at least 50 cents on each dollar contributed.
The survey, conducted by BLR’s HR Daily Advisor in November 2009, received over 1,000 responses, of which 75% originated from companies with fewer than 500 employees. The responses were evenly divided geographically within the United States.
For detailed survey results, see 2010 Fringe Benefit Survey Series - 401(k) Practices.
For a Limited Time receive a
FREE HR Report "Top 10 Best Practices in HR Management." This comprehensive special report will give you the information you need to know about these current HR challenges and how to most effectively manage them in your workplace.
Download Now