Americans Stand by 401(k) Plans, Survey Says
BOSTON (TheStreet) -- To paraphrase Mark Twain, reports of the demise of 401(k) plans may be greatly exaggerated.
Despite the recession that started in late 2007 and continued through most of 2009, Americans still have confidence in their retirement plans and investment options, according to a recent survey by the Investment Company Institute (ICI).
The ICI, the trade group of the money management industry, surveyed 3,000 households and found that, among households expressing an opinion about retirement plans, 90% had a favorable view. The organization's survey comes as the Obama administration discusses ways to encourage people to shift from 401(k) to annuities so that they don't outlive their retirement savings. The ICI opposes the notion, which could hurt revenue at mutual fund companies.
Findings from the survey, conducted in November and December 2009, include:
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