Connecting retirement benefits to the health benefit open enrollment period can dramatically increase 401(k) participation, found Bank of America Merrill Lynch. By providing easy “one-click” access to enroll in or make
contribution changes to 401(k) plans during open enrollment, employers have seen an increase in participation. The study showed an 11% year-over-year increase in the number of employees making a change to their retirement plan election as a result of the association with the health care open enrollment period. And nearly all of these election changes were positive (93%), meaning employees started or increased contributions to a plan.