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People are dipping into their retirement savings to help offset the economic impact of the COVID-19 pandemic, but so far those withdrawals appear to be modest in size. A new Investment Company Institute (ICI) research report — “Defined Contribution Plan Participants’ Activities, First Half 2020” — showed that withdrawal activity from DC plans remained low for the first half of 2020.
The report updates results from an ICI survey of a cross section of recordkeeping firms that cover more than 30 million employer-based DC retirement plan participant accounts. Per the findings, DC plan withdrawal activity was only slightly higher in the first half of 2020 than it was during the corresponding period in 2019.
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