According to the Investment Company Institute (ICI), defined contribution (DC) plan activity remained stable for the most part through the first three quarters of 2013. Highlights include:
The ICI survey represents about 24 million accounts serviced by DC recordkeeping firms.
- Withdrawals were at 3%, similar to the first three quarters of 2012.
- Hardship withdrawals were at 1.4%, the same as a year earlier.
- 9.2% changed asset allocations for their account balances, while 6.8% did the same for contributions.
- Loan activity is still high, at 18.3% of participants.
- 401(k) and other DC assets comprise about 25% of the nearly $22 trillion in total retirement assets.
The ICI survey represents about 24 million accounts serviced by DC recordkeeping firms.
