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Home / Business / Fidelity indicates that the number of 401 (k) millionaires has reached a record high

Fidelity indicates that the number of 401 (k) millionaires has reached a record high



Fidelity Investments said that the number of pension providers with at least $ 1 million in their account has reached a record, as has the employee savings ratio, according to 401 (k) managed by Fidelity Investments Fidelity shared on Wednesday in a press release that the rate reached 8.8% in the second quarter, a full percentage point above the level of a decade ago. The analysis is based on the 30 million pension accounts managed by the fund management company.

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Since the adoption of the Pension Protection Act by Congress in 2006, employee contribution rates have risen steadily, Fidelity said. The federal law made it easier for employers to automatically include new employees in their 401

(k) packages at fixed contribution rates.

Fidelity found that the number of people with more than $ 1 million in their 401 (k) rose to 196,000. Average account balance was $ 106,000, a slight decline from the record of $ 106,500 last year before the collapse of the markets in the fourth quarter.

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