Contributions to 401(k) plans were up $13 billion in 2013 from the previous year, according to analysis from Judy Diamond Associates.
The five percent year-over-year increase in 2013 represents contributions from employees and employers, and is the most recent year for which data is available.
Employer matches were roughly $96 billion in 2012, while employees contributed $174 billion. In 2013, employer matches hit $101 billion, and employees increased their deferrals to $182 billion.
The increases represent a continuing positive trend since 2011, according to Eric Ryles, managing director of JDA, which is owned by ALM, BenefitsPro’s parent company.
“This indicates both companies and the people who work there are feeling better about the economy overall,” Ryles said. “They feel they have more to invest in their futures.”
Delaware had the highest average employer contributions in 2013, at $3,114. The District of Columbia, Wyoming, Minnesota and New Jersey rounded out the top five, with average employer contributions in the Garden State coming in at $2,428.