Why does MyCTSavings include Annual Increase of contribution rates?

MyCTSavings' mission is to improve access to retirement savings accounts so that more workers can have the opportunity to be financially secure when they retire. While the standard savings rate of 5% is a good place to start, employees may need to save more than 5% over time to achieve their retirement goals. Research shows that people are far more likely to save more if their retirement plan includes automatic increases, and recent changes in federal law have made automatic increase features standard for many new retirement plans.