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Dabbs, Hickman, Hill & Cannon, LLP


319 South Main Street, PO Box 727

Statesboro, GA 30459

Phone: 912-764-6951


325 Tattnall Street

Savannah, GA 31401

Phone: 912-233-9004

October 2023

October 2023 Client Profile

Focused warehouse managers with clipboard in a large warehouse

Connie and her son own Specialty Pet Food and Supplies, a manufacturing business with about 150 employees. She wants to increase the business’s 401(k) plan participation. Connie has read that auto-enrollment can successfully boost participation but wonders if the cost of auto-enrollment is worth the increased participation they may get.

She’s not alone. A Center for Retirement Research study* shows that cost is the most common reason small businesses setting up 401(k) plans don’t go with auto-enrollment.

But Connie may find this isn’t necessarily true in the long run. A professional advisor may be able to show Connie plans that have auto-enrollment and escalation built into their systems and offer legally compliant and effective employee communications as part of their standard services package.

Also, with increasing contribution levels, automatic savings can accelerate asset accumulations and lower plan fees. Auto-enrollment is highly effective but can be more costly.

*Center for Retirement Reasearch at Boston College, 2023

Client Profile is based on a hypothetical situation. The solutions discussed may or may not be appropriate for you.


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