10.28.2009 11:36 am
Crisis didn’t scare workers away from 401k plans, Schwab finds
St. Louis Post-Dispatch
Last year’s financial crisis didn’t scare workers away from their 401k plans, new data from Charles Schwab show. In retirement plans managed by Schwab, 77 percent of eligible workers participated at the end of 2008, up from 73 percent a year earlier.
Schwab’s research confirms a GAO finding that automatic enrollment increases participation. However, even in plans without auto-enrollment, participation rose to 74 percent last year from 71 percent in 2007.
Workers also avoided the temptation to turn to their retirement plan for ready cash. The proportion of workers with loans against their 401k balances fell to 5.67 percent from 5.91 percent.
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David Nicklaus has covered St. Louis business for more than 25 years. His column appears three days a week on the Post-Dispatch business page. 
