Fidelity: the number of millionaires (401) reaches a record

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Fidelity Investments said that the number of retired savers with at least a million dollars in their account was at a record, as was the employee savings rate, according to data from 401 (k) plans administered by she.

The average employee contribution rate reached 8.8% in the second quarter, up one percentage point from a decade ago, Fidelity said in a press release on Wednesday. The analysis is based on the 30 million retirement accounts managed by the fund company.

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Employee contribution rates have steadily increased since Congress enacted the Pension Protection Act in 2006, Fidelity said. Federal legislation has facilitated the ability for employers to automatically enroll new employees in their 401 (k) plans with specified contribution rates.

Fidelity found that the number of people whose number 401 (k) exceeded $ 1 million had risen to 196,000. The average balance of an account had risen to $ 106,000, a slight decrease by compared to the record of $ 106,500 recorded last year, before the markets collapsed in the fourth quarter, he added.

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