The average balance of defined contribution plans administered by Vanguard Group fell 17% from January 2008 through March 31.
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During the same period, equity markets declined 44%. Nearly 20% of participants saw their balances shrink in a range of 1% to 20%, and about three in 10 had declines of more than 30% during the 15 months, the Malvern, Pa., company said on Monday.
The report indicated that 6% of plan participants altered their portfolios during the period. Participants who made changes in the first quarter shifted about 0.7% of assets from stock funds to bond funds on an overall net basis.
Vanguard had $1.1 trillion of U.S. mutual fund assets under management at March 31.
