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In the first three quarters of 2019, just a few more participants in defined contribution plans took money from their plans than they did in the first three quarters of 2018.
So says a report from the Investment Company Institute, which pointed out that it wasn't a large change from the prior year—3.3 percent of participants took withdrawals, compared with 2.9 percent in 2018—and that hardship withdrawals actually fell just a fraction, with 1.6 percent of DC plan participants taking a hardship withdrawal compared with 1.4 percent during the same period.
Contribution rates also remained high. While 2.2 percent of participants stopped contributions during the first three quarters of 2018, in 2019 just 1.9 percent halted their contributions during the same period.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
