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2022 Annual Conference

May 19–21, 2022

Sheraton Sand Key, Clearwater Beach, FL, US

Proposal authors can use this tool to see where they have been placed in the program agenda for an Oral or Poster Session.

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Confirm your place in the schedule by going to the ACCI Presenter Confirm Google Sheet and marking your session with the name and email address of the author who will be attending and presenting. Each presentation must have a separate paid registraint. Contact the ACCI Office immedicately by email at admin@consumerinterests.org to report a conflict or if you have questions. Please be sure to reference the session title(s), date(s), and time(s) if you contact us.

A3b Back to Basics: Understanding Millennials' Retirement Plan Participation Decisions From the Perspectives of Employer Contribution and Automatic Enrollment

Thursday, May 19, 2022 at 3:30 PM–5:00 PM EDT
Room 3
Key Words

Retirement plan participation, retirement savings, automatic enrollment, employer contributions, millennials

Short Description

Why aren't some Millennials participating in employer retirement plans? This study seeks to answer this question empirically from the perspectives of automatic enrollment and employer contributions. The analyses draw data from the 2018 U.S. Financial Industry Regulatory Authority's Millennial Investment Study. Controlling for several factors, including total debt, household income, risk tolerance, and investable assets, the findings from this study reinforce the fact that automatic enrollment and employer-contribution provisions matter. More specifically, the results show that some Millennials may not participate in employer retirement plans because their employers do not either auto-enroll employees or provide a match/straight contribution. Others who are less likely to join an employer retirement plan include those unsure about the availability of auto-enrollment or employer contributions. The findings have implications for employer retirement plan designs and communication effectiveness.

Submitter

Thomas Korankye, University of Arizona

Authors

Thomas Korankye, University of Arizona
Blain Pearson, Kansas State Univeristy
Hossein Salehi, California Lutheran University
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