(Bloomberg Business) — American employers are doing more to help their workers save for retirement.
When companies set up 401(k) plans, they often pitch in some money to encourage their employees to save. As this data visualization shows, how much employers match employee contributions can vary quite a bit. Large companies typically match the first 3 percent to 5 percent of salary that an employee contributes to a 401(k). While many small companies pitch in nothing at all, other companies are far more generous: ConocoPhillips puts in 9 percent for the first 1 percent that its workers contribute.
After the 2007-09 recession, companies got stingier with retirement money. Since then, though, employer matches have gradually crept higher. New data from Fidelity Investments, the U.S.’s largest retirement plan provider, show that employers’ contributions are now at a record high.
The average employee in a Fidelity plan is getting $3,620 per year in her 401(k) from her employer. That’s 30 percent higher than eight years ago and 15 percent higher after accounting for inflation.