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Survey: 401(k) savings miss mark
Half of employees contributing to a 401(k) plan are not setting aside enough money for a comfortable retirement, according to a survey of plan sponsors released today. The survey was conducted by Cowden Associates Inc., a Pittsburgh-based actuarial and employee-benefit consulting firm.
Employers who participated in the Tri-State 401(k) Plan Sponsor Survey reported that 50 percent of their employees defer an average of 5 percent to 6 percent of their pay; experts recommend a 10 percent savings rate. Other highlights of the survey:
More than 100 employers from Pennsylvania, Ohio and West Virginia participated in the survey.
