Sometimes those in the benefits field get discouraged about all of the arcane and highly complex rules which employers must wrestle with in offering retirement plans for employees. Despite all of the work and struggle involved, it is encouraging to read how such efforts are helping to pay off when it comes to assisting folks in being where they need to be at retirement, as this study by EBRI–Will More of Us Be Working Forever? The 2006 Retirement Confidence Survey— indicates:
Employer-provided retirement savings plans, such as 401(k)s, perform an important role in encouraging retirement savings. Eligible workers are much more likely to save through a plan offered by their employer (82 percent) than workers are overall to have an individual retirement account (IRA) in which they have contributed (36 percent). In addition, employer-sponsored plans account for a significant proportion of workers’ retirement savings. Seven in 10 plan participants say that half or more of their household’s total retirement savings are in their current employer’s plan (70 percent).