401(k) milestone: Balances hit 10-year high mark
Are employees starting to get the importance of putting money into their 401(k)s? Absolutely – according to the findings in this study.
Last year, the average 401(k) balance hit a 10-year high, according to a study by Fidelity Investments.
The study found that the average 401(k) balance increased to $71,500 at the end of 2010, which was an 11% increase from the average retirement plan balance in 2009 .
The average employee 401(k) contribution last year was 8.2% of salary, according to Fidelity.
Another positive finding from the study: Employees aren’t borrowing from their 401(k)s. The study found that almost four of five 401(k) participants didn’t take a loan from their plan last year.
- Share on
Free Training & Resources
White Papers
Provided by UJET
White Papers
Provided by Personify Health
Further Reading
Financial wellness programs often sound expensive or complex, but the truth is that one simple step — helping employees better unders...
Employees may not understand lifestyle spending accounts (LSAs) as well as you think. That can lead to questions or just confusion. Thi...
Now that you have a feel for what positions at your firm should be hybrid, you might be considering giving employees the ultimate work sche...
What company wouldn’t opt for an employee benefit that helps new families out and pays for itself in various ways? A recent report on...
Some of your year-end health plan responsibilities have lifted, thanks to eleventh-hour legislation from Congress. Plan sponsors that me...
In April, Arkansas Governor Sarah Huckabee Sanders signed legislation making it illegal for Pharmacy Benefit Managers (PBMs) to own or oper...
