News Summary: Fidelity: 401(k) balances slip in 2Q

AP News
Posted: Aug 02, 2012 12:03 AM

401(k) BALANCES SLIP: Fidelity Investments on Thursday said the average 401(k) account balance among its accountholders fell to $72,800 at the end of June. That's down 2 percent from the end of March, according to the nation's biggest 401(k) administrator.

DECLINING MARKET: The second-quarter decrease was due to investment losses. The Standard & Poor's 500 stock index fell nearly 3 percent, although bond returns offset some of that decline.

RISING CONTRIBUTIONS: The average employee contribution in the latest quarter was $1,660, up $30 from the same quarter a year ago. Their employers contributed an average $950, also up $30.