Retirement plan participants are calming down, according to a Massachusetts Mutual analysis of its plans.

About 4% of participants changed their 401(k) allocations in the second quarter, despite volatility in the S&P 500 index, which fell 11.4% during the period.

MassMutual administers accounts for 1 million participants in 6,000 plans.

"While I can't speak to the behavior of all investors, I believe that MassMutual participants are holding steady because we have been aggressively communicating with them on the importance of saving consistently and adhering to a long-term investment strategy," said Heather Smiley, chief marketing officer for the retirement services division.

The company noted that plan participants' account balances fell 3.3% in the quarter, beating the S&P by more than eight percentage points.

MassMutual says the lesser drop was due to plan participants' rising allocations to stable-value and bond funds. Equity allocations fell from 41.1% to 38.4% during the quarter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.