401(k) Sponsors See Brief Flow to Fixed-Income American Banker (09/25/01) Vol. 15, No. 10 p.12; Ackermann, Matt
As the markets re-opened in the wake of the terrorist attacks, those financial institutions interviewed by American Banker saw that much of the activity involved clients' moves from equities into more conservative fixed-income portfolios. The majority of the activity appeared to focus on 401(k) plans, as call volume from 401(k) customers was 25 percent higher than usual on the morning of Sept. 17. While it will be several weeks before anyone can determine if the World Trade Center attacks will have significant ramifications for 401(k) plan holders, said Phillip Pounds, vice president and director of client services at Evergreen Investments, call-center operators at many 401(k) providers are being told to tell clients not to move money out of fear.