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Many employers now also have automatic enrollment in 401(k) and similar plans, which probably explains the lopsided percentage of Bank of America Merrill Lynch customers who started rather than stopped saving this year.
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Of employers with at least 1,500 employees, half now have automatic enrollment plans.
For one thing, it would reach more people because it would have automatic enrollment.
The company, based in Dallas, is one of about 50 large corporations that have begun automatic enrollment in recent years, as many other employers waited for the federal government to take a stand on the practice.
Energy companies use social comparison with neighbors to reduce energy consumption and businesses help people "save more tomorrow" by having them commit to automatic enrollment in the future.
Automatic enrollment in 401(k) and other long-term savings plans has been shown to increase the amount people save for retirement.
They also could be used to require automatic enrollment in 401(k) plans for the millions of American workers who are now eligible to participate, but have not done so.
The economists looked at data from three employers that offered automatic enrollment in 401(k) plans.
In August 2010, the U.S. Army introduced automatic enrollment in a retirement savings plan for its civilian employees.
Revise Your Ride includes automatic enrollment in the Enterprise CarShare program.
According to Vanguard, automatic enrollment in employer retirement plans made a large difference in plan participation, especially for Millennials.
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