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Sponsor Trends Past & Present

According to one major recordkeeper survey of their clients, they found the following trends as the leading changes ending in 2022 (in order of most changes):

1) Increased the matching contribution amount,

2) Increased the auto-enroll deferral rate,

3) Began offering a matching contribution,

4) Changed the matching formula,

5) Began offering automatic enrollment.

As we came out of lockdowns and work from home, the sponsor trends fall in line with a very tight job market. Employers were looking to boost incentives any way possible. In 2023, those same Plan Sponsors answered those top five questions a bit differently:

1) Increase the matching contribution,

2) Increase the auto-enroll deferral rate,

3) Begin offering an income replacement fund,

4) Begin offering automatic enrollment,

5) Enroll or re-renroll the full plan into target date options.

As Plan's evolve and the employee demographics shift, the key features of yesterday are sometimes no longer what is on your employees minds. Working with a retirement plan advisor can help to identify the shifts in the marketplace and keep your retirement benefit operating at peak performance.

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