"But what typically happens is that people stay less than seven years in their early career, so younger workers especially need to understand how their retirement plan vesting schedule works" so they don't quit before qualifying for employer contributions.
Now for the fine print. Plans that enroll workers into a 401(k) typically divert only 3 percent of a worker's salary into a plan. That's not enough to qualify for the 6 percent matching contribution, warns Wray.
The bottom line: You've got to seize control of your own future and save, regardless of who may be looking out for your interests.
