"Using a large database of 401(k) plan participants, [the authors] estimate the probability that a worker will contact a recordkeeper about initiating a distribution from their retirement account following passage of the [CARES Act]. Self-directed workers in occupations with high subsequent unemployment were more likely to call about withdrawing funds from their account than workers in delegated investment accounts. Workers defaulted into target-date funds and those who chose to delegate investments through a managed account were both less likely to contact the recordkeeper about making a post-CARES Act distribution."

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