Quarterly Update for Benefit Plan Sponsors - First Quarter 2006

A new study of more than 500 retirement savings plans by the mutual fund company Vanguard Group Inc. has found that matching contributions have a modest impact on plan participation rates among non-highly compensated employees. Depending on the match design, participation rates for these employees rise between 5% and 15% as a result of a match. Match details appear to have very little effect on highly compensated employees, because they tend to join and contribute to their plan regardless of the match level.