The 152 advisors that responded to the online survey, conducted in May, reported that 89 percent of plan participants are continuing to save and 85 percent of plan sponsors are continuing to provide matching contributions.

But 21 percent of participants are now contributing at a lower rate and 4 percent have stopped altogether.

Putnam also found that target-date funds are strongly favored by plan advisors and consultants as they choose the qualified default investment alternative option.

In selecting target date funds, asset allocation was the most critical factor, followed by expense ratios and glide path, the respondents indicated.

Respondents also said that open architecture within bundled plans continues to be a priority.

A full 49 percent of the advisors and consultants indicated they serve as fiduciaries on the plans they manage.

The Boston-based fund firm had $175 billion in assets under management as of May 31.

Filed by Sue Asci of Pensions & Investments, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.