May 18, 2011
LINCOLNSHIRE, Ill., May 18, 2011 - A new report from Aon Hewitt finds workers are facing an added challenge – the erosion of their 401(k) plan assets due to the early withdrawal of money from their employer provided plan.
According to Aon Hewitt’s report, approximately 28 percent of active participants had an outstanding loan against their employer provided 401(k) plan in 2010—the highest level since Aon Hewitt began tracking this data. The average balance of the outstanding amount was $7,860, 21 percent of these participants' total plan assets.
Aon Hewitt’s report of more than 1.8 million employees across more than 110 large plans, examines the three main sources of leakage:
1. Loans taken out and not repaid in full
2. Withdrawals taken during active employment
3. Cashing out retirement savings upon job termination
Click here for a video podcast highlighting the survey findings.
Click here to access the full report.
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