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.
Average balances of 401(k) retirement plans reached the highest level since Fidelity Investments began tracking account values in 1998.
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.
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.
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.