Loan & Distribution Specialist AimPoint Pension
|
AimPoint Pension
|
Bates & Company, Inc.
|
Compass
|
Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
|
Regional Vice President of Sales The Retirement Plan Company
|
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
401(k) Loan Usage Reaches Nine-Year Low
T. Rowe Price May 1, 2019 "The use of 401(k) loans reached a nine-year low of 22.5% in 2018, and continued a steady six-year decline of nearly 10% ... [T]he percentage of participants who took a hardship withdrawal fell for the ninth consecutive year, declining from 1.9% in 2010 to 1.3% in 2018. Meanwhile, both loan balances and the average amount of hardship withdrawals increased.... The participation rate dropped by nearly 2% from 2017 to 2018.... Participation was over 40 percentage points higher in plans with auto-enrollment compared with plans without it.... The average pretax deferral rate increased slightly to 8.6% ... Plan adoption of target date products reached an all-time high at 95%." |
Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the linked news item's title). |
An important word about authorship: BenefitsLink® created this link to the news item, but we are not the news item's author (unless expressly shown above). |