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Fidelity Says 401(k) Savings Accounts Recover from 2008 Decline
Bloomberg Nov. 19, 2009
Excerpt: Fidelity Investments said the average balance on customers' 401(k) retirement accounts has returned to September, 2008 levels on contributions and third- quarter investment gains. Account balances in plans for U.S. workers benefited from the 22 percent year-to-date gain in the Standard & Poor's 500 Index along with continuing employee contributions, the Boston- based firm said in a statement today, after reviewing 11 million accounts managed by Fidelity.... Average account balances rose 13 percent to $60,700 from June to September, Doshier said, and are up 28 percent from $47,500 at the end of March. The gains include investment returns, employee contributions and employer's matches. A typical 401(k) holds a mix of equities, bonds and cash.
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