The average daily volume of transfers for 401(k) participants dropped to 0.023% of total defined-contribution balances in January, its lowest level for that month since 1998, according to Aon Hewitt. "We have never seen such passivity. ... Employees are confused and overwhelmed, and they don't know what to do," said Pamela Hess of Aon Hewitt. The transfers that did occur favored equities, Aon Hewitt said.

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