Fidelity clients’ corporate 401(k) plans saw participants’ account balances grow an average 9.4% in the third quarter, to $67,600, confirmed Michael Shamrell, a spokesman for Fidelity.
In an interview, Mr. Shamrell said about one-third of the gain could be attributed to market performance and two-thirds to participants and employer contributions.
For the seventh consecutive quarter, participants contributed an average 8.2% of pay to their 401(k) plans, according to a Fidelity news release. More participants in the quarter increased their deferral rates, 4.2% vs. the 3.1% who reduced them, which represented “a pattern of positive savings occurring for six consecutive quarters,” the news release said. Data on corporate employer contributions were not available, Mr. Shamrell said.
Fidelity’s analysis was based on a review of about 17,000 corporate plans for which it serves as record keeper with a total of 11 million participants.