We could all use some good news, especially during this difficult, uncomfortable time. According to the estimates from the Employee Benefit Research Institution, in what is being called the best quarterly market in decades, the average 401(k) account for younger individuals ages 25-34, less tenured (1-4 years) employees climbed 17.%, while that of older workers ages 55-64 with greater than 20 years of tenure accumulated 13.3%.
Just how excellent was this quarter? Well, the S&P 500 completed the second slice up 20% or 515.70 points, to 3100.29, its largest percentage spike since the last three months of 1998! The Dow Jones Industrial Average had its fair share of increases, with 3895.72, or 18%, to 25812.88, for its best-performing quarter since the year 1987.
It seems despite the volatility in the marketplace, in the month of June alone, the average 401(k) for younger cohorts spiked 2.6%, piling onto April’s 9.8% surge and May’s 4.4% recovery.
As businesses indulge in what is being called the best quarterly market in decades, businesses must also not forget to be compliant during this time of success. This includes acquiring an ERISA fidelity bond for your employee benefit plan. Colonial Surety Company has a quick and easy way for your to obtain your bond online from your home or office computer, tablet, or mobile device! Our ERISA bond packages also come with Fiduciary Liability Insurance, which safeguards fiduciaries from actual or alleged claims of fiduciary breaches, and Cyber Liability Insurance, which helps your company recover from a devastating cyber-breach–a common occurrence in today’s remote workplace. Contact us today to get your bond.