I am a law professor at the University of San Francisco School of Law, where I lead USF’s Work Law and Justice Program. I write about the future of work through the lens of employment law and policy.
vary widely in value based on different participation, eligibility, employer contribution, and vesting rules. Requiring greater retirement benefits transparency could improve employee decision-making, combat misinformation, and advance gender pay equity .Employee retirement plans are no longer viewed as an optional perk. Nearly 9 in 10 employees say retirement plans are an important part of an employee benefits package, based on 2024 data from.
Employer 401 plans also vary in the existence and calculation of employer contributions. Some plans match employee contributions, but at varying percentages and with different caps. Other plans base employer contributions on employee pay. These variations can result in considerable value differences, which employees should be able to assess when making job decisions.
Employer 401 plans also have varied rules regarding employee access to money for emergencies. Some plans allow employee loans, hardship withdrawals, and the creation of emergency savings accounts. Other plans do not. Access to these features can be essential as more than half of employees in the 2023 Workplace Wellness Survey identified their employer retirement plan as their only significant source of savings.
While federal ERISA law requires employers to submit government reports on certain retirement plans, that data is not easily accessible or useful for most employees. Instead, Prince advocates for “mandatory, plain language, standardized, detailed 401 plan disclosure on company websites, and in job postings.”
But crowdsourced data on employer retirement plans is often inaccurate. Informal sharing also rarely includes the critical features of retirement plans, including eligibility, employer contribution methods, and vesting schedules. “In addition,” says Prince, “artificial intelligence does not know how to discern opinion from fact and thus it can replicate false information.”
Benefits Transparency Retirement Plans 401(K) Plans Gender Pay Equity Gender Pay Gap Retirement Benefits Transparency Employee Benefits
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