Anne Tergesen
speaker
4,485 appearances
83 recordings
1 series
first heard Jul 2017
last heard Feb 2025
Anne Tergesen’s voice in public audio — every appearance, attributed to the second.
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A lot of people just put the paperwork aside, never did it.
It was very common for people.
not to participate, even when they had access to these plans.
And then along comes government policymakers with these sort of behavioral finance nudges, which involve the company basically enrolling you.
You know, you're a new employee.
Hey, we're going to enroll you right away in the 401k plan or, you know, whenever you're eligible.
And we're going to take 3% of your pay and put it into a 401k account.
Now, 3% was
Just something that became kind of a common number.
Aside from that 3%, if you don't like that 3%, you can go in there and you can raise it if you want.
You can say, hey, I can't afford to save at all.
You can opt out.
So the savings rate is very much under the control, ultimately, of the employee.
A bunch of things have changed.
For one thing, Congress passed some retirement-focused legislation.
In the past six years, there have been two different bills passed, and both of those bills contain sort of sweeteners to try to encourage their tax credits, to try to encourage small businesses to start 401ks.
So that's been maybe making a difference because a lot of the startup costs of the 401k plan can be covered by the tax credits.
Another thing is that a lot of states have enacted what amounts to mandates saying that they're going to require companies to either offer their own 401k or if they don't want to offer a 401k, that's fine.
But they're going to require companies to enroll their workers in a state run 401k.
savings program, like retirement savings program, which is based on IRAs.
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