Just under one in 25 direct contribution plan participants (3.9%) withdrew money from their accounts in 2019, up from 3.4% the previous year, according to a report from the Investment Company Institute.
Levels of hardship withdrawal activity also remained low (1.9%), according to the report, which tracks contributions, withdrawals, and other activity based on data gathered by DC plan recordkeepers. The data covers more than 30 million participant accounts. The comparable figure for 2018 was 1.6%, the report said, noting that 2.3% of DC plan participants discontinued their contributions during 2019.
DC plan participants’ loan activity in 2019 was slightly lower than the loan activity observed in 2018, with 16.1% of participants having plan loans outstanding, compared with 16.7% at year-end 2018.
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