The Savings Preservation Working Group says that at least 33% and as many as 47% of plan participants withdraw part or all of their retirement savings when switching jobs.
Tag: hardship withdrawal
Withdrawals from IRAs accounted for most of the leakage, according to the GAO.
Two experienced ERISA attorneys at Drinker, Biddle and Reath warn against the idea of participants seeking a hardship withdrawal for the purpose of paying down student loan debt; requesting a hardship withdrawal for upcoming tuition expenses is another matter entirely.
Only 2.7% discontinued contributions, according to the ICI.