More people are participating in 401(k) plans and the average amount their putting in is increasing, according to a new report by mutual fund giant T. Rowe Price Group Inc.
The average amount people saved from each paycheck — known as the employee pretax deferral rate — reached 8.3 percent in 2017, the highest in the 10 years Baltimore-based T. Rowe Price has been reporting participant data. For the first time, retirement plans with a 6 percent default deferral rate surpassed the number of…
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