Beth Mchugh News
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Fidelity Investments, the largest provider of 401(k) retirement savings plans, said average balances in the employer-sponsored accounts reached a record high in 2012 as market gains boosted assets.
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Average balances of 401(k) retirement plans were about 62 percent higher as of March 31 than the first quarter of 2009, when the stock market reached a 12-year low, according to Fidelity Investments.
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Average balances of 401(k) retirement plans reached the highest level since Fidelity Investments began tracking account values in 1998.
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Average balances of 401(k) retirement plans reached a 10-year high at the end of last year as workers continued to save and the market rebounded, according to Fidelity Investments.
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U.S. investors who sold equities in their retirement accounts during market volatility in 2008 and 2009 did worse than those who stayed in stocks, Fidelity Investments said.
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Fidelity Investments, the largest provider of 401(k) retirement plans, said average balances in employer-sponsored accounts reached the highest level since it began tracking values in 2000, as market gains boosted assets.
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The number of people borrowing from their retirement-savings plans reached a 10-year high in the second quarter, according to Fidelity Investments, as Americans grappled with slowing economic growth.
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BlackRock Inc. is seeking to grab a larger slice of the $2.7 trillion 401(k) retirement market by using its position as the world’s biggest manager of exchange- traded funds to win over small companies.
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When Marc Spirn took a close look at retirement-plan costs at his Philadelphia-based medical office, they were so high he helped the business change 401(k) providers and save about $30,000 a year.
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Participants in 401(k) retirement plans increased their contributions in the first quarter as the equity markets recovered, according to reports by Fidelity Investments and Bank of America Corp.
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