Bank of America Merrill Lynch’s new data on 401(k) plan sponsor clients and plan participants shows that new loan issuance transactions are at record lows, while hardship withdrawals and total distribution amounts are at record highs.
The report shows that new loan issuance transactions fell by 4% to 100,600 in the first nine months of this year. At the same time, the total amount borrowed stayed the same as the same period as last year at $820.9 million. Both numbers represent record lows for the first three quarters of the year since 2007, when BofA first began tallying the data.
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