Business, Legal & Accounting Glossary
A method used by retirement plan administrators to increase 401(k) or retirement plan participation. Employees are given the choice to opt out of participating in the company’s retirement account. Failure to opt out during the required timeframe is deemed as a negative election to opt out – or an affirmative election to participate in the plan – and these employees are automatically enrolled in the company’s retirement plan.
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This glossary post was last updated: 20th November, 2021 | 0 Views.