BOSTON (AP) — Employee 401(k) accounts grew nearly 8 percent last quarter as a surging stock market boosted investment returns and worker contributions increased.
Fidelity Investments, the nation's largest 401(k) administrator, said on Tuesday that the average balance among its nearly 12 million accountholders was $74,600 at the end of March. That's up from $69,100 at the end of 2011.
Fidelity attributed about 80 percent of the increase to investment performance. Stocks rallied nearly 13 percent, the market's best first-quarter performance since 1998. A broad bond market index rose just 0.3 percent.
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