Fidelity: Workers Contribute More To DC Plans

Despite the current market volatility, workers at private U.S. employers may be contributing more to workplace retirement savings plans.

Fidelity Investments, Boston, says the average contribution at the 16,723 corporate defined contribution plans it maintains increased to $3,187 in the first half, from $3,142 in the first half of 2007:

The plans included in the analysis have more than 11 million participants.

The average contribution for workers who contributed to the same plan in both periods increased to $3,512, from $3,283.

Because of a slump in investment values, the average account balance fell 7.5%, to $64,000, at the end of June.

The average account balance for employees who have participated in the same plan since Jan. 1, 2007, fell 1%, to $71,500.

The S&P 500 index fell about 15% over the course of that same period, Fidelity notes.