Savings, Cashouts Alike Rise for 401(k)s

BOSTON (TheStreet) -- The quarterly Bank of America Merrill Lynch, 401(k) Contribution Activities Scorecard released this week shows postrecession savings habits are on the upswing, but so are in-service and hardship withdrawals.

The Q3 report, based on the activities of approximately 1.4 million actively contributing participants, found that among those who have taken some type of savings action this year, 67% took a positive action (started or increased saving) versus 33% who took a negative action (stopped or decreased saving) -- compared with 60% who took a positive action and 40% who took a negative action during the same nine-month period last year.

Year-to-date, 331,153 employees have taken a positive savings action in their 401(k) plan accounts, compared with 318,884 during the same period last year.

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By admin posted about 1 year ago