Comments on: Holding steady?

By: CB

CB — Mon, 22 Jun 2009 14:55:09 +0000

Most of our employees contribute only what the comany will match up to and they keep all their money in the lowest risk fund (money market). They don’t trust mutual funds anymore…

By: Jana

Jana — Thu, 18 Jun 2009 20:03:14 +0000

We had several new enrollments for January and I already have a handful for July. We also have quite a few who wish to increase their deferral for July 1st. We have had many loans taken in the past year but no hardship withdrawals. We do have a financial advisor come in throughout the year – I think that helped.

By: Mark W.

Mark W. — Thu, 18 Jun 2009 19:23:34 +0000

We have experienced a significant decline in employees contributing to their plans, a fair number who have taken loans, and a few who have closed out their accounts altogether to take their money in cash (despite the tax consequences). A couple have rolled their accounts into IRA’s, as well. None have signed up for the plan in 2009 and none have increased their contribution.

By: P.BALDREE

P.BALDREE — Thu, 18 Jun 2009 18:51:26 +0000

We are closing our 401k plan due to cost to the company and lack of participation. Alot of employees had to do hardship distributions and loans. The hardship distribution people were forced to stop contributing for six months also. Personally, I stopped contributing last year and will be rolling mine over into an IRA. We are doing the pay down bills – get out of debt scenario.

By: Keith

Keith — Wed, 17 Jun 2009 13:08:44 +0000

I have heard a lot of similar anecdotal stories that a large number of employees are leaving what they already have in their accounts, but have decreased or stopped current contributions and are re-directing that money. They are using this “extra” money to pay down bills or build up savings accounts in case they or their spouse get laid off. Possibly this option was included in the survey but I can’t tell by the story above.

By: Natalie

Natalie — Fri, 12 Jun 2009 19:16:40 +0000

With our 401K – I have not had any one enroll in the last open enrollment or forsee any one enrolling in the July one – I have had three individuals stop payroll deduction into it, which honestly it includes my self, the spouse lost his job going on 8 months, and needed the extra to pay bills so if this is any indication. Hopefully and I am saying that with a little doubt I will start it again once things get a little better.