New York Life Benefit Services has introduced a 401(k) statement it will send to employees not participating in their companies retirement plan to encourage participation.
The "nonparticipant" statement shows how much employees could save if they sign up. It was announced Jan. 29.
New York Life Benefit Services, a unit of New York Life Investment Management, said that 74% of eligible employees at its client companies are enrolled in their 401(k) plans. The statement shows the amounts employees could have amassed over various periods, assuming certain monthly contributions.