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MORE WORKERS TAKE THE CASH RATHER THAN ROLL OVER 401(K).
Crain's Cleveland Business, September, 1999 by FLETCHER, LEE
When packing up their belongings to take to a new employer, the majority of 401(k) plan participants aren't bringing retirement savings along, but instead are cashing out of their previous plans, according to Hewitt Associates. A recent Hewitt study found 57% of employees leaving their companies are choosing cash payments from their savings plans instead of rolling over the balances to their new employers' plans or into individual retirement accounts.
In 1993, when Hewitt conducted a similar survey, the percentage was 64%. Despite the decrease, the number of workers cashing out their savings remains significant and likely will affect them adversely at retirement, according to Mike McCarthy, a Hewitt 401(k) consultant in Lincolnshire, Ill. ``People see...
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