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September 24, 2001
401(k) Participants Staying the Course
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The group's president, David L. Wray, said Friday that “401(k) participants have continued to think long-term.”
According to Hewitt Index data, only a tiny fraction (0.58 percent) of 401(k) assets were reallocated on Monday September 17. In addition, this percentage would have been substantially smaller had not the markets been closed the week before.
“We believe the slight transaction spike on Monday was the effect of accumulated transactions from the previous week” said William McNabb, Senior Vice President of The Vanguard Group of Investment Companies.
Fidelity Investments, the nation’s largest provider of 401(k)’s also reported that transactions have not been out of the ordinary. Wray said: “401(k) participants are a rock in the midst of the current market uncertainty. Were it not for the stability of the 401(k) system, the market decline would be much greater.”
He added: “American companies have committed significant resources to educate employees about 401(k) investing. Thanks to this effort, employees understand the benefits of staying the course."
The Profit Sharing/401(k) Council of America (PSCA) is a national non-profit association of employers who provide profit-sharing and 401(k) plans for their employees.