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In Wake of COVID-19, Retirement Savings Surge
Plan Sponsor Council of America [PSCA] Link to more items from this source
Dec. 13, 2022

"[PSCA's] 65th Annual Survey of 401(k) and Profit Sharing Plans found record high rates or retirement savings alongside innovative plan designs.... 89.2 percent of eligible employees made contributions to the plan in 2021 (up from 88.5 percent in 2020) with an average deferral rate of 8.3 percent of pay (up from 8.0 percent in 2020).... Just 1.9 percent of participants took a hardship withdrawal in 2021 (down from 2.6 percent in 2020 and 18 percent borrowing against their account balances (down from 23.6 percent in 2020)."

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