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Retirement and healthcare savings account balances have grown since last year for the 4 million or so employees with 401(k) accounts with Bank of America. As freelancer Keith Button reports, the average 401(k) account balance for the group was $102,660 in September, up $22,635 from one year earlier, while the average health savings account balance was $5,130, up $650.

Editor Lee Hafner interviewed the CEO of Global Guardian, a security solutions company, who advises both employers and employees to prepare for emergencies. While disasters such as a wildfire or a terrorist attack can happen unexpectedly, the company nonetheless says there are measures individuals and employers can take in advance to stay safe.

Retirement and healthcare savings account balances have grown since last year for the 4 million or so employees with 401(k) accounts with Bank of America clients, signaling an improvement in their collective financial wellbeing, according to the bank.

“We were actually quite pleased with some of the results that we saw in the third quarter,” says Lisa Margeson, a managing director in BofA’s retirement research and insights group in Boston. “Those positive trends: I read those as signaling some optimistic signs for the future and that participants were feeling they were in a good place.”

Mary Ellen Egan
Senior Director, Strategy and Content, Live Media, American Banker

Mary Ellen Egan is in charge of The Most Powerful Women in Banking and related projects. A veteran journalist, she has been a writer and editor at Forbes and The American Lawyer. Her work has … Read full bio


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More From Employee Benefit News

Top news for the week of December 23

Two companies partner to offer alternatives to COBRA; top 10 companies for compensation; how employers can save billions on healthcare; and more in this week's roundup.

Mary Ellen Egan
By Mary Ellen Egan
Senior Director, Strategy and Content, Live Media, American Banker
American Banker

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