The Total View - (Page 24) “Do-it-for Me” Features Grow in Popularity Did you know that 34% of workers in America have not saved any money for retirement? Additionally, only four in 10 workers spend five or more hours planning for retirement in a year, while nearly six in 10 spend five or more hours planning for the holidays.1 And, nearly half of American workers have accumulated less than $25,000 in savings and investments, including employer-sponsored retirement savings plans.1 These statistics indicate that when left on their own, there is a large percentage of Americans who will be unprepared to adequately fund their retirement. Many employees want someone to do-it-for-them. In response, more and more companies are adding automatic savings features to their retirement plan(s). By year-end 2006, the number of clients of The Principal electing one or more of the “do-it-for-me” features nearly tripled. “Do-it-for-me” features include automatic enrollment, lifecycle funds, automatic deferral increases and simplified enrollment forms. At The Principal, we believe these “do-it-for-me” solutions are just one more way we give our clients and their participants an edge for the future. Fast Fact By the end of 2006, more than 30,000 plan sponsors were signed up for one or more of the “do-it-for-me” features from The Principal: Automatic Enrollment, Easy Enrollment, Smart Start, Principal LifeTime Funds, and Principal Step Ahead Retirement OptionSM. 1 EBRI/Greenwald 2007 Retirement Confidence Survey #
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