More Employers Plan to Bring Back the Match
The number of employers planning to reinstate a matching contribution to 401(k) plans has increased in the past two months, according to the latest research from Watson Wyatt.
The survey found that 24% of employers plan to reverse reductions to 401(k) match contributions in the next six months, versus 5% in June.
While some employers might soon be reinstating match contributions, the economy has had some long-term effects on worker retirements, Watson Wyatt said. Looking ahead three to five years, 83% of employers surveyed expect to see an increase in the number of employees working longer, past their desired retirement ages.
More than a third of employers said they have noticed an increase in the number of employees taking hardship withdrawals (36%) and loans (37%) from their 401(k) and 403(b) plans in the last two months.