401(k) investors stayed the course in 2008

Investors continued to put money into their 401(k) plans last year despite the market turmoil, according to a study released today by the Investment Company Institute. The study examined defined contribution plans covering more than 22 million participants. Despite slight changes since October, the data are in line with past reports, according to the Washington-based mutual fund industry organization. Just 3.7% of participants stopped contributing to their accounts, the ICI found. Most participants also maintained their asset allocation, with just 14.4% changing their portfolio mix and just 12.4% altering their contribution mix. Just 3.9% of participants took withdrawals last year. Of those, 1.3% reported taking a “hardship” withdrawal due to a personal financial crisis, up from 1.2% in October. About 15% had outstanding loans at the end of the year.