"Comparing employees hired in the 12 months after the introduction of automatic enrollment to those hired in the 12 months prior, we find that automatic enrollment increases total potential retirement system balances by 7% of starting pay eight years after hire; at the same time, leakage in the form of outstanding loans and withdrawals that are not rolled over into another qualified savings plan also increase by 3% of starting pay, offsetting approximately 40% of the potential increase in savings from automatic enrollment."