RESEARCH |
2020
PLANADVISER Micro Plan Survey
Micro plans have much to gain from adviser help with fiduciary matters
Reported by PLANADVISER
Industry Data
Automatic Features
Auto-Enrollment Default Deferral Rate
| All Plans | <$1MM | $1MM–$5MM | |
|---|---|---|---|
| <3% | 10% | 9% | 13% |
| 3% | 40% | 36% | 47% |
| >3% – 5% | 24% | 32% | 17% |
| >5% | 23% | 19% | 15% |
Re-Enrollment Actions Taken in Past 12 – 18 Months
| All Plans | <$1MM | $1MM–$5MM | ||
|---|---|---|---|---|
| Re-enrolled employees not participating in the plan (requiring them to opt out again or else be enrolled) | 19% | 13% | 13% | |
| Re-enrolled participants saving below the default deferral rate (thus boosting their deferral rate) | 11% | 6% | 5% | |
| Re-enrolled participants not invested in the default investment (meaning current/ future contributions go into the plan default investment) | 5% | 3% | 7% | |
| We have not re-enrolled any employees/ participants | 75% | 81% | 79% | |