And the use of 401(k) loans fell to a nine-year low of 22.5% in 2018, according to T. Rowe Price’s annual participant data benchmarking report.
Tag: hardship withdrawals
In the first three quarters of 2018, only 2.2% of participant stopped contributing to their plans, ICI data shows.
Only 2.4% discontinued contributions, a mere 2.8% took withdrawals and just 1.3% took hardship withdrawals, ICI data show
Several provisions of the two-year budget bill affect retirement plans.
The impact is greater for younger investors, as they have a long time horizon for saving, MassMutual finds.
The number of participants taking hardship withdrawals remained less than 1%.