Plan sponsors rank 401(k) education a top concern as workers lose track of old plans

Forty-five percent of 200 plan sponsors rank 401(k) education among their three most important concerns, according to a Morgan Stanley poll. Participant understanding outranks benefits competitiveness on that list.

The same poll found 69% of sponsors rank the advisor among the plan's top lineup resources. It also found 93% of sponsors rank the 401(k) among employees' top five benefits, and 34% call the DC plan the single most valued benefit, double the share in the 2024 survey.

Empower's survey of 2,005 adults found one in three workers may have lost track of an old 401(k). Another 39% say their retirement savings are spread across accounts from different jobs. The generational figures run higher: 50% for Gen Z and 45% for Millennials. Two-thirds of respondents said they wished for help explaining rollover options when they changed jobs.

Cerulli Associates found one-third of retirement plan participants had advice contact with their recordkeeper in the past year. Satisfaction tracks that contact closely: 46% of participants with contact rated their recordkeeper a 9 or 10, against 28% of those without. The figures describe an association rather than proof of cause, since participants who seek advice may already be better disposed toward the provider.

LIMRA's 2026 Retirement Income Readiness Report found 77% of advised pre-retirees feel highly prepared for retirement, against 47% of those without an advisor. The same report found 76% of pre-retirees spent five hours or less on planning steps in the past year.

Transamerica's survey of healthcare employers found automatic enrollment at 77% of plans, up from 62% in 2024. But 82% of those plans enroll participants at 3% or less, and 64% of auto-enrolling healthcare plans miss the full employer match. A default set near 3% is a design decision, and explaining the plan does not change the deferral rate it starts people at.