Hewitt Study Shows Nearly Half of U.S. Workers Cash Out of 401(k) Plans When Leaving Jobs
- Topics:
- Accounting software,
- Human Capital,
- Retirement
- Tags:
- 401(k),
- 401(k) Plan,
- Benefits,
- Finance,
- Hewitt Associates LLC,
- Human Resources,
- Investment,
- Job,
- Retirement Plans
- Source:
- Hewitt Associates
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Overview: Despite the growing need for employees to save for retirement, a significant number of workers participating in 401(k) plans "cash out" of them once they leave their company, according to new research by Hewitt Associates, a global human resources services firm. Hewitt's study of nearly 200,000 workers who participate in their 401(k) plans found that 45 percent elected to take a cash distribution once they left their jobs. The remainder either kept their savings in their current employer's 401(k) plan (32 percent) or rolled the money over to a qualified IRA or other retirement plan (23 percent).
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Format: PDF | Size: 153KB | Date: Jul 2005 | Pages: 4
