Thankfully, that's not the end of the story. Many investors have recouped a lot of what they lost. There are two reasons: the S&P 500 has been on a fairly steady upward march in the past several months; and most participants have kept making contributions to their 401(k)s despite the crisis.
The crisis last fall hurt all 401(k) participants, but it hurt them each a little differently. That's because how well a 401(k) investor does depends on a host of factors: age, tenure, years as a 401(k) participant, starting balance and size of contributions.
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