The account balances of 401(k) participants grew markedly over the last two years across all age groups no matter their length of time with an employer, according to the Employee Benefit Research Institute.
EBRI, which tracks 23.4 million participants in more than 64,000 employer sponsored plans, reported that those closest to retirement with more than 20 years of tenure saw their accounts grow by 37.4 percent from the start of 2012 to Jan. 1. Those whose tenure was between 10 and 19 years saw growth of 45 percent.
For workers in the 45 to 54 age group, those with the longest tenure saw gains of 44 percent, while those with 10 to 19 years of service, saw growth of 51.5 percent.
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