Participant Engagement Increasing but Most Trying to Stay the Course
Public Company Information:
SAN FRANCISCO--(BUSINESS WIRE)--Charles Schwab has found that participant engagement in Schwab-serviced 401(k) plans increased dramatically both online and over the phone in the months of September and October 2008. And while the number of people reducing their contribution rates into plans has increased, the majority of participants in Schwab-serviced plans are not significantly shifting asset allocations or reducing contribution rates. Schwab recently released information about retirement plan participant behavior to help employers better understand how their employees are approaching their 401(k) plans in the current market and economic environment.
Here is a summary of Schwab-serviced retirement plan participant behavior for September and October 2008:
Schwab Makes Market Volatility Resources Available
As 401(k) plan participants and plan sponsors remain concerned and continue to seek help, Schwab is also making a number of resources available to help meet clients’ needs during these challenging times. A few examples include:
About Charles Schwab
The Charles Schwab Corporation (Nasdaq:SCHW) is a leading provider of financial services, with more than 300 offices and 7.4 million client brokerage accounts, 1.3 million corporate retirement plan participants, 427,000 banking accounts, and $1.2 trillion in client assets as of Oct. 31, 2008. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors. The Charles Schwab Bank (member FDIC) provides banking and mortgage services and products. More information is available at www.schwab.com. (1208-8417)
The Charles Schwab Corporation (Charles Schwab) provides services to retirement and other benefit plans and participants as well as equity compensation plan services and other financial and retirement services to corporations and executives through its separate but affiliated companies and subsidiaries, Schwab Retirement Plan Services, Inc.; The 401(k) Companies, Inc. and its subsidiaries; Charles Schwab Trust Company, a division of the Charles Schwab Bank; and Charles Schwab & Co., Inc. Brokerage products and services are offered by Charles Schwab & Co., Inc. (Member SIPC).
Retirement plan investment advice is formulated and provided by GuidedChoice Asset Management, Inc. (GuidedChoice). GuidedChoice is not affiliated with, nor is it an employee or agent of Charles Schwab & Co., Inc. Member SIPC. (CS&Co.) or any of its affiliates. Schwab does not supervise, make recommendations with respect to, or take responsibility for monitoring the advice provided to participants by GuidedChoice. Advice consultants are employees of Charles Schwab & Co., Inc. and not of GuidedChoice.