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401(k) plan participants continued to contribute to the plans at high levels in the first half of 2011, according to a survey of record keepers from the Investment Company Institute.
According to the survey, “Defined Contribution Plan Participants' Activities, First Half, 2011,” 1.6% of plan participants stopped contributing in the first half of this year, compared to 1.7% the same period in 2010.
Only 2.1% of participants withdrew money, the same as the previous year, with 1.1% taking hardship withdrawals, compared to 0.9%.
In addition, 6.4% of plan participants changed the asset allocations of their accounts in the first half of 2011, compared to 6% during the same period the previous year.
Also according to the survey, 26% of U.S. retirement assets were in defined contribution plans.
Washington-based ICI surveyed record-keeping firms representing 24 million plan participants.
Rob Kozlowski is a reporter at Pensions & Investments, a sister publication of Business Insurance.
WASHINGTON—The Department of Labor on Monday finalized a rule spelling out permissible scenarios for giving investment advice to 401(k) plan participants without running afoul of prohibited transaction rules.