The Profit Sharing/401k Council of America (PSCA) said its eligibility “mini survey”, which covered 427 profit sharing and 401k plans, found 69% of 401k plans allow workers to start saving their own money within three months of being hired.
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The PSCA said fast eligibility for deferrals is even greater in large companies with 1,000 or more employees, where 85% of companies offer 401k eligibility within 90 days – up from 79% a year earlier.
Some 49% of all surveyed 401k plans provide eligibility for company matches within the first three months, up a tick from 48% a year earlier.
Among plans with 1,000 or more employees, 61% provide eligibility for matching contributions during the initial 90 days and 35% provide eligibility for employer profit sharing contributions during employees’ initial three-month period.
For more information about this survey, please visit http://www.psca.org
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Related Topics
- 401k Employee Survey, 401k waiting period, 401(k) eligibility, PSCA 2011 survey qualified plan eligibility periods, from a 401k to a 427 plan
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