Average employee contributions rose slightly in 2011 to $5,750, up from $5,680 a year ago, according to new data on 401(k) savings and behaviors released by Fidelity Investments. On average, participants saved more than 8 percent of their annual savings. As of the end of the fourth quarter 2011, the average 401(k) balance was $69,100, up nearly 8 percent from the end of the third quarter.
"It's very encouraging that savings levels actually held up during the intense market volatility of last year and a sluggish economic environment," said James M. MacDonald, president, Workplace Investing, Fidelity Investments. "Increases in savings levels, however small, can make a significant impact over time."
This snapshot into Fidelity's 401(k) savings is based on the company's 11.6 million 401(k) participant accounts, the largest in the industry.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
