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In most cases, the 403(b) is the better option.
Companies with more than one employee can save up to $995 in set-up costs for a new 401(k) plan.
ICI, SPARK and the ACLI are among the eight organizations making the request.
The Federal Retirement Commission would conduct a comprehensive review of private benefit programs in the U.S., with an eye toward strengthening them.
The EvoShare program also allows employees to receive up to 20% cash back on spending toward a 401(k) or 403(b) plan, and/or 529 plan.
On 89% of the trading days, 401(k) participants moved the majority of their money into fixed income, according to the Alight Solutions 401(k) Index
Investors tend to select funds at the top of an alphabetically organized list of funds.
Just over six out of 10, 61.6%, said they engage with their retirement plan, according to a survey by Vestwell.
Pentegra will provide recordkeeping and 3(16) fiduciary administrator services, and LeafHouse Financial will provide 3(38) discretionary investment fiduciary services for the plan.
They also say that these accounts help them think about the long term and make it easier to save, an ICI survey found.
The Center for State & Local Government Excellence notes that with many local governments shifting benefits decisions to workers, those workers need help understanding finance basics.
And demand for financial advice has increased, T. Rowe Price found in a survey.
But 55% decided to take no action.
"As we take a moment to celebrate the strong foundation and accomplishments of the system, let’s also recognize the opportunities we have to help even more employers and workers take advantage of important 401(k) benefits,” said Charlie Nelson, CEO of Retirement and Employee Benefits at Voya Financial, at an event marking the milestone.
Workers under age 35 are realizing they need to start saving now, according to Ascensus.
Among those who know how their 401(k) assets are allocated, they had 51% of their assets in equities, Legg Mason learned in a survey.
In the past 10 years, the average 401(k) balance has grown 87%, from $56,900 in the third quarter of 2008, Fidelity Investments reports.
They can also prompt participants to make other important improvements to their savings strategies, Voya Financial learned.