Investment Company Institute President Paul Schott Stevens testified before the U.S. House of Representatives Education and Labor Committee on Tuesday to avow that the 401(k) model is working, in spite of the market’s downturn.

Americans have continued to contribute to their 401(k) as a responsible measure to prepare themselves for retirement, Stevens said. Half of the $16 trillion that Americans have saved for retirement is held in 401(k)s, and that $8 billion would probably have not been set aside for retirement were it not for these instruments, Stevens said.

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