(Bloomberg) -- Automation, that demon of American job security, may be the patron saint of retirement savings.
The average balance in a 401(k) defined-contribution account at Fidelity Investments hit a record $95,500 in the first quarter, up more than 9 percent from a year earlier, the company reported this morning.
Investment performance gets credit for 70 percent of the advance, and 30 percent was due to contributions from employees and employers. Those combined contributions also hit a record high, at 12.9 percent. A record 27 percent of workers in a Fidelity plan increased their contributions, as a percentage of their salaries, over the past 12 months.
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