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Senate committee examines 401(k) plan leakage

Senators and witnesses at a Senate Aging Committee hearing last week voiced concern that the slowing economy may be spurring an increase in 401(k) plan hardship withdrawals and loans. Citing a study from a left-of-center think tank suggesting that participant loans are increasing in number and amounts, committee members unveiled a bill to bar use of 401(k) plan debit cards and limit the number of loans participants can take. Mercer submitted written testimony on how countries around the world address the challenge of retirement plan leakage.  (Select News, 23 Jul 2008)

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