In response, nearly one-quarter of employers plan to make changes to their automatic feature in 2012, including an automatic contribution escalation feature and increasing the initial default rate.
The details of the partnership, which also include a five million contribution from the apparel giant, Under Armour, were the follow-up after an initial announcement of the partnership over the Super Bowl weekend last month in New Orleans.
In addition, Silver Bay has entered into contribution and merger agreements through which it will acquire, concurrent with the closing of the offering, an initial portfolio of more than 3, 100 single-family residential properties through entities associated with Two Harbors Investment, a publicly traded REIT (TWO), and Provident Real Estate Advisors LLC, a private capital management firm, in exchange for equity interests in Silver Bay or its operating subsidiary, or cash.