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B1b Nudging DC Participants to Save More: The Impact of Employer Defaults and Match Rates on Retirement Saving
Key Words
Retirement Saving, Auto-Enrollment, Behavior Nudging, 401(k) Matching Rules, Saving Disparity
Short Description
This study investigates the impacts and interactions of two primary defined contribution plan design features, default savings rate and match rate, using an administrative data set of approximately 157,000 participants who recently enrolled in an employer-matched 401(k) plan. The research results indicate that selecting a higher default rate has the largest impact on employee savings rates. Plans with low default rates that match a high percentage of employee earnings induce higher-income participants to actively move away from the low default savings rate, resulting in a wider savings gap between higher- and lower-income employees. When employees are defaulted at a higher rate, fewer move away from the default savings rate resulting in higher and more equal savings rates among employees.