Are you making the most of your 401(k)? Better check.
In recent years, companies have been making improvements to their workplace retirement plans, according to a new survey by global advisory firm Willis Towers Watson. Among other changes, many companies have boosted employer contributions, added Roth 401(k) options, and made fees more transparent.
The survey polled 349 large and midsize U.S. companies that offer defined contribution retirement plans.
It’s imperative for companies to strengthen defined contribution plans such as the 401(k) to help employees with long-term financial security, said Gregg Levinson, a senior retirement consultant at Willis Towers Watson.
“[Defined contribution] was never built as the primary retirement source,” he said.
Here are some of the changes companies are making, and how employees can take advantage.