"We recognize the financial strain of the coronavirus pandemic could have repercussions long after 2020," Kevin Collins, head of T. Rowe Price Retirement Plan Services, said in a statement. "We know that life evolves and priorities change, and we continue to see—now more than ever—the importance and significant impact plan design and financial wellness programs have on keeping participants on track with their financial priorities."

A recent MagnifyMoney survey said 30% of respondents had reported dipping into retirement funds amid the virus crisis, which curtailed business activity nationwide and put millions of employees out of work. "The fact that the majority of respondents were withdrawing funds to cover essential expenses highlights a disheartening reality," according to the MagnifyMoney report.

T. Rowe Price's Reference Point report found that plan participants in 2019 "took larger loan and hardship withdrawal amounts, which could threaten their retirement savings."

The adoption of auto-increase reached a new five-year high of nearly 80%, according to the Reference Point report. "Plan sponsors favored increases of one percentage point, with one in three plans at T. Rowe Price choosing this as the default," the report said. Opt-out approaches increased in 2019, the report said, while opt-in fell for the fourth consecutive year.

The latest Reference Point report said there was a slight uptick in the percentage—more than 60%—of T. Rowe Price retirement plans offering auto-enrollment.

On the contributions front, more than 77% of plans offered a Roth option, an increase over the previous year, T. Rowe Price's report said. Participant use of Roth contributions increased to 8.5% in 2019 from 7.6% in 2018. More than 18% of plans—an increase of three percentage points over 2018—saw employers matching 100% up to 3%, plus 50% up to 2%, T. Rowe Price said.

Average account balances ticked up, according to the Reference Point report. "Higher combined employee and employer contributions contributed to the increase in average account balance," the report said. For individuals between the ages of 40 and 49, the average balance was $102,183. For 50 to 59, the average balance was $169,214; 60 to 64: $187,960; and 65 to 69: $184,817.

Across all age groups, T. Rowe Price said investment in target-date investments increased last year. The biggest gains were in individuals less than 20, and those between 30 and 39.

"In 2019, target date investments held the highest percentage of total retirement plan assets under administration—42.9%. Only stock investments came close among the other asset types, at 33.8%," the Reference Point report said.

READ MORE:

• Financial risks remain as Americans dip into 401(k)s in virus era
• 7 questions your employees have about 401(k)s
• A warning to all 401(k) plan sponsors who assume too much

Mike Scarcella is a senior editor at Law.com in Washington. Contact him at [email protected] and on Twitter @MikeScarcella.