Solid market returns drove nationwide growth in 401(k) balances last year, though not every state enjoyed the same level of success, according to a study by Judy Diamond Associates.
“Although balances were up across the board, the increases were not evenly distributed,” said Eric Ryles, managing director of Judy Diamond Associates. “There are very real differences in the best and worst states, with the top performer … though the majority of states were fairly well grouped into two clusters of roughly 11 percent and 12 percent.”
10. Missouri: Retirement plan participants in Missouri saw their 401(k) account balances rise 12.68 percent from $68,071 in 2011 to $76,704 in 2012.
6. Alaska: The average 401(k) account balance for Alaskan retirement plan participants was $68,528 in 2011, compared to $77,748 in 2012, a 13.45 percent increase.