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April 12, 2023

Craig Reid quoted in Human Resource Executive

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While retirement savings is a top concern among U.S. workers, getting employees to participate in employer-sponsored retirement savings plans continues to challenge many Human Resource leaders.

Craig Reid, President and National Practice Leader of Retirement and Wealth at Marsh McLennan Agency spoke with Human Resource Executive about the benefits of the auto-enrollment and auto-escalation features that the SECURE (Setting Every Community Up for Retirement Enhancement) 2.0 legislation offers. This is particularly useful for organizations with blue-collar workers or a diverse workforce. He also recommended employers start with an automatic deduction of 8% to 10% rather than the standard 3%.

“We find that north of 85% of employees who participate in an auto-enrolled retirement plan stay in their plan year after year. But, for those employees that don’t have auto-enrollment, the number of people who stay in their plan is significantly lower,” said Craig.

For more information on this topic, read the Human Resource Executive article.