According to Fidelity’s annual analysis, their almost 14 million participants showed a 6% increase in their savings rates over 2015, with contributions peaking at 12.7% including the company match.
NAPA Net’s May report indicates that 401(k) participants were slightly less likely to have outstanding loans for year-end 2014 than for 2013.
Between 1996 and 2008, less than one-fifth of participants with access to loans actually had loans outstanding. That amount went up to 21% by year-end 2009 and remained steady through 2013 before falling to 20% by year-end 2014. Loan amounts, however, edged up from $7,421 in 2013 to $7,780 by y/e 2014, based on a report from the Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI).
The Employee Retirement Income Security Act (ERISA) provides for very specific requirements for records retention.
These are specific to types of documents which basically fall into two categories: Reporting & Disclosure Records and Benefits Determination Records.