Des Moines, Iowa (Sept. 5, 2003) -- Overall plan 401(k) plan participation among employees of small and medium-sized business jumped 2 percent over last year, according to a report by The Principal Financial Group.
The individual deferral rate rose slightly from 6.3 percent to 6.5 percent of salary. Employees earning between $30,000 and $50,000 per year achieved the highest deferral rate, according to The Principal 2003 Annual 401(k) Report. The report is based on data from its 27, 000 401(k) plan sponsor clients and 1.9 million plan participants.
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