The 401(k) savings plan will never be just like your parents’ pension. But the plans are starting to look a bit more alike. And more the 401(k) adopts pension-like features, the more workers are embracing it, a new study finds. The number of workers who enrolled in a 401(k) plan or raised their contribution rate soared 82% between 2012 and 2015, according to a report from Bank of America Merrill Lynch. Last year, total contributions rose 14% and the number of employees with a balance grew 16%, according to the report, which was based on nearly three million participants in plans that Merrill administers.
Why Your Retirement Plan Is Going Back to the Future
