May 13, 2009
Workers Maintain 401(k) Plans, Ask For More Advice
By Matthew L. Brown
The vast majority of workers continued to fund their 401(k) retirement accounts during the first quarter, according to a report from Fidelity Investments.
On average, workers contributed $1,700 of their pre-tax income during the quarter, a slight decrease from the same quarter a year ago, but up 20 percent compared to 2002, Fidelity said.
Total contributions, which include what both employees and employers put into retirement accounts, averaged $2,780, a decrease from $3,080 in the first quarter of 2008.
Fidelity's report is based on more than 17,500 corporate defined contribution plans and 11.3 million participants in those plans. The financial services company said it saw increased demand for financial guidance during the quarter.
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