Only 3.4% of participants in defined contribution plans stopped making contributions to their plans last year, according to data released by the Investment Company Institute.
In addition, 16% of the sponsors of the T. Rowe Price-administered 401(k) plans eliminated or reduced their matching contributions to their plans during 2009, according to data released by T. Rowe Price Group.
Of those T. Rowe-administered plans that stopped or cut their company match, 36% are reinstating their matches, Brian Lewbart, a T. Rowe spokesman, said in an interview.
T. Rowe participants' account balances on average were within 8% of year-end 2007 levels by the end of 2009, according to an ICI news release about the ICI and T. Rowe data.
Also, 98% of T. Rowe participants made no changes to their asset allocations during 2009, and 60% of participants in T. Rowe-administered DC plans that offered target-date retirement funds were using target-date funds as of March 31, Mr. Lewbart said.
The ICI data were based on record-keeper data covering nearly 24 million participants during 2009, the news release said.
The T. Rowe data were drawn from a study of the firm's DC plan participant base, Mr. Lewbart said. T. Rowe served as a record keeper for plans with a combined total of 1.85 million participants as of Dec. 31 last year, he said.