VALLEY FORGE, Pa. — Taking the decision-making process away from investors when it comes to their 401(k) plans may be a new trend, but a just-released study suggests it could backfire.

The Vanguard Group has published a new study titled “Lessons from Behavioral Finance and the Autopilot 401(k) Plan.” While more than 60 million employees participated in defined contribution plans such as 401(k)s in 2003, many more still chose not to join despite employer matching contributions.

With automatic or “autopilot” 401(k)s, research showed participation rates jumped from 37% to 86% among new hires. An automatic 401(k) makes all the critical choices for participants including automatic enrollment, contribution rates are automatically increased each year, and participant accounts are automatically invested in suitably diversified portfolios. At any time, users can opt out and make their own choices.