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Fidelity Says Number of 401(k) Millionaires Hits Record High

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Fidelity Investments said the number of retirement savers with at least $1 million in their account hit a record, as did the employee savings rate, according to data from 401(k) plans that it administers.

The average employee contribution rate reached 8.8% in the second quarter, up a full percentage point from a decade ago, Fidelity said in a press release Wednesday. The analysis is based on the 30 million retirement accounts the Boston-based money manager administers.