Investment transfer activity in 401(k) plans was high last week, according to Hewitt Associates, whose Hewitt 401(k) Index tracks transfer activity of employees in large plans. The Index tracks 1.5 million U.S. employees with $71 billion in assets.
Of the assets that are tracked, weekly net transfer activity last week was over $816 million or 1.15% of total assets, compared to normal transfer activity of 0.33%, according to Hewitt. On Monday, Sept. 17, transfer activity reached .058% or nine times the normal level. The Index returned to normal levels on Tuesday, however was high on both Thursday and Friday.