via Wall Street Journal
More American companies are turning to a new way of convincing employees to save more for retirement: make them do it.
Companies from Apache Corp. to Google Inc. to Credit Suisse GroupAG have boosted the percentage of worker paychecks automatically diverted to 401(k) plans well above the long-held standard of 3%.
Some are setting aside as much as 10% of their workers’ money or automatically increasing the amounts by 1% a year unless employees opt out. But not all are matching the increased savings with company contributions.
Millions of Americans aren’t putting enough money aside for retirement, despite reforms designed to bulk up nest eggs and encourage employees to sock away more.