Retirement plan sponsors are doing a good job of educating employees about how their plans work —and why they should continue saving through their 401(k)s — new research from the Investment Company Institute indicates.
According to its report, “Defined Contribution Plan Participants’ Activities, First Three Quarters of 2016,” the ICI culled information from the latest recordkeeper data and found that withdrawal activity from defined contribution plans remained low during the first nine months of 2016. Just 2.8% of DC plan participants took withdrawal, compared with 2.9% during the same time period in 2015. Hardship withdrawals were also low at 1.2% of DC plan participants, compared with 1.3% during the first three quarters of 2015.
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