While Monday’s market reopening and subsequent plunge does not appear to have prompted a flurry of redemption activity from fund shareholders, it apparently made many 401(k) participants nervous enough to transfer a significant amount of their assets.

The prolonged closure of the markets was partially to blame for a spike in transfer activity, but the terrorist attacks played a significant role as well, said Lori Lucas, a consultant with Hewitt Associates, a defined contribution services firm based in Lincolnshire, Ill. "Clearly, 401(k) participants responded to last week’s tragedy, by moving their asset from equities to fixed income," she said in a statement.

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