TEMPE, Ariz. -- To raise awareness of its 401(k) plan, Circle K Corp. has started holding financial seminars for its employees run by RG Capital LLC, a Scottsdale, Ariz.-based wealth-management firm, reported the Arizona Republic.
The seminars have been well-received, Serena Moran, Circle K's director of payroll and benefits, told the newspaper. But Internet messages and mailings are still the main ways the firm communicates with most of its staff. With 20,000 employees nationwide, including many young and part-time workers, it is hard to get the word [image-nocss] out, said the report.
Many financial experts see promise in automatic 401(k) enrollment services, according to the report, but not all employers are pursuing them. We are thinking about heading in that direction, said Moran. But some employees live paycheck to paycheck and just don't want to auto enroll.
Tempe, Ariz.-based Circle K offers 401(k) matching funds of 50 cents on the dollar, up to between 4% and 6% of pay (depending on job level), but only 16% of workers participate, the report said. The company likely will not try auto enrollment until Congress better defines these programs and employer obligations, said Moran.
We're looking at auto enrollment, but we're not quite there yet, she said.