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.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
