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While employers compete to recruit and retain employees – some by raising salaries and wages – 401(k) and retirement plans are becoming a commonly used tool as well.
A survey of 1,000 full-time employees 18 years and older conducted in September 2021 by Betterment for Business and Market Cube found that 65% of the respondents would leave their current jobs for one that offers a high-quality 401(k) or other retirement plan and 56% would leave their job for one that offers a 401(k) matching plan.
The Wall Street Journal reports that about 16% of large and midsize employers plan to raise their 401(k) contributions or reinstate a previously suspended match this year, while another 8% said they are considering doing so, according to preliminary results of a survey of about 100 companies conducted in fall 2021 by investment-consulting firm Callan LLC.
Fourteen states have signed retirement plan legislation into law including California, Connecticut, Illinois, Massachusetts, Oregon, Washington, Colorado, Maine, Maryland, New Jersey, New Mexico, Virginia, Vermont and New York, according to ADP. Most state plans are aimed at small businesses that have five to 100 employees. Not all states have implemented their plans yet.
Massachusetts law only applies to nonprofits and is voluntary. State plans in New Mexico, Vermont, and Washington are also voluntary. At least another 16 states have considered mandating a retirement plan.
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