Finance
Surging market, steady saving yields new crop of 401(k) millionaires
The number of retirement savers sitting on a million bucks or more in their 401(k)s, 403(b)s, or IRAs lifted off last year.
The band of 401(k)-created millionaires jumped by 27% in 2024, increasing from 422,000 to 537,000, while the number of IRA-created millionaires bumped up 8% over the year from 318,863 to 344,413, according to a new analysis by Fidelity Investments.
The average 401(k) balance of $131,700 at the end of 2024 ranks as the second-highest average on record for the firm and is an 11% increase from the start of 2024. The average IRA balance was $127,534, up 8% for the year.
Gen X savers had the most bulging balances — average account balances were up 18% from a year ago, $508,000 vs. $589,400. For those Gen Z savers who held their 401(k) for five years, accounts popped to an average of $52,900 — an increase of 66% over the past year.
“Retirement savers experienced positive growth in 2024, which means that the number of individuals who have a million dollars or more in their retirement savings also increased,” Michael Shamrell, vice president of Workplace Thought Leadership at Fidelity Investments, told Yahoo Finance.
The driver: A robust economy, lower inflation, and the Federal Reserve’s interest-rate cuts totalling one percentage point.
The S&P 500 (^GSPC) ended the year with a gain of 23%. The Dow Jones Industrial Average (^DJI) jumped nearly 13%, and the Nasdaq (^IXIC) ballooned close to 29%.
Here’s how 401(k)-created millionaires break down by generation: More than 4 in 10 are boomers: 41%, Gen X: 57%, and millennials: 2%. “Boomers have already started drawing from their retirement savings, which is why the number is lower than Gen X at this point,” Shamrell said.
Read more: What is a 401(k)? A guide to the rules and how it works.
One thing of note: “More millennial savers than ever before are now using Roth 401(k)s, removing the burden that taxes could pose on their savings when they enter retirement and begin to draw from their nest egg,” Shamrell said. “The millennial generation is making smart investment decisions now that they know will benefit them even further 20 or 30 years down the road when they ultimately enter retirement.”
Fidelity’s analysis covers more than 50 million IRA, 401(k), and 403(b) retirement accounts.
Retirement saving is a long-term game.
“The important thing to keep in mind when it comes to 401(k)-created millionaires is that these individuals have been saving for a long time,” Shamrell said. “The average 401(k)-created millionaire has been in their plan for 26 years and has an average contribution rate of almost 18%.”
Finance
State aims to reclaim $850K from campaign finance vendor
OKLAHOMA CITY (KFOR) — The state is now looking to recoup around $850,000 from a company they said didn’t meet deadlines to create a campaign finance website.
It’s The Guardian and was supposed to be up and running in October, but that didn’t happen. The Guardian is the name of the state’s online campaign finance reporting system.
“They were unable to deliver a compliant system,” said Ethics Commission Executive Director Leeanne Bruce Boone during their meeting on Friday.
The company at the center of it all is RFD and Associates, based in Austin, Texas. They were hired in December 2024 to begin the project of creating The Guardian 2.0.
The previous company, according to the commission, was with Civix. However, problems arose between the state and that company, so they had to shift and find a new vendor.
The commission appropriated around $2.2 million for the endeavor.
Months went by, and according to the commission’s timeline, deadlines were missed altogether.
Dates in June were missed, and in August, the company received a warning from the Ethics Commission. The Office of Management and Enterprise Services (OMES) had to get involved in October and conduct an independent technical assessment.
The October date was proposed by the company, but it wasn’t met. In November, a formal notice of system failures and vendor non-compliance was noted.
“None of the milestones were met,” said Bruce Boone during the meeting. “Extensive corrective steps over many months. Written warnings were sent.”
At the Friday meeting, the commission voted to cut the contract with the company, and a contract with the previous one was then sent out.
“Terminate the contract and proceed with legal action,” said Bruce Boone.
Bruce Boone said that in total $850,000 was actually spent throughout this process on RFD. The new contract with Civix, she said, is estimated to cost over $230,000 and should last for three years. The effort is needed ahead of the 2026 election.
Now the commission has decided to bring in the Attorney General’s Office to see if they can get the money back.
“I take very seriously my role to ensure that taxpayer dollars are spent fairly and appropriately,” AG Drummond said in a statement. “My office stands ready to take legal action to recover damages, hold those responsible accountable, and work with the Ethics Commission to ensure the public has a reliable means to access campaign finance reports.”
News 4 attempted to get a statement out of the Chief Operating Officer of RFD and Associates, who had been in the meeting but quickly left after the commission voted.
“No comment,” said COO Scott Glover.
What would you say to taxpayers about that?
In response, he said, “I don’t agree with the ethics commission’s decision. That’s all I have to say.”
The Guardian had been delayed by several months, but the commission did respond appropriately and timely manner to requests made for documents.
The Guardian was back online Friday afternoon.
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Finance
One.funding and MV Commercial launch MV Asset Finance
One.funding has partnered with UK-based MV Commercial to introduce MV Asset Finance, which offers an alternative method for MV Commercial’s customers to secure finance, according to a LinkedIn post.
In developing MV Asset Finance, representatives from One.funding worked closely with MV Commercial’s team to better understand business priorities and the requirements of their customer base.
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According to the post, the service aims to remove friction, ensure complete transparency, and enable a seamless process from initial engagement to completion by integrating support within MV Commercial’s operations and presenting it under their brand.
MV Commercial supplies fleet solutions for vehicles within the UK.
The company’s offerings include trucks, trailers, and light commercial vehicles that are available for sale, rental, or contract hire.
Its current rental and Ready to Go fleets consist of 2,000 specialist trucks, vans, and trailers across various depots in Airdrie, Grantham, Livingston, Oxford, Haydock, and London Luton.
One.funding CEO Lee Schofield said: “At One.funding, we’ve 20 years of experience in building point-of-sale finance that fits naturally into how businesses sell. MV Asset Finance shows what’s possible when that experience is embedded into the MV Commercial journey, making it easier for their customers to keep moving and keep growing.”
A recent example involved AMK Plant & Tipper Hire, which added a DAF FAD XD450 Construction eight-by-four tipper truck to its fleet, the company’s first DAF tipper purchase.
The transaction was finalised in three weeks; MV Commercial supplied the vehicle while financing was arranged through the newly launched MV Asset Finance framework.
Finance
RFSD board approves financial assurances, reviews annual audit
The Roaring Fork School District Board of Education approved its annual financial accreditation assurances and reviewed the district’s 2024-25 audited financial statements during its meeting on Wednesday, according to a district news release.
The audit, presented by McMahan and Associates, found the district’s overall financial position to be stable and identified areas for continued improvement in internal controls and financial processes. The district’s General Fund balance remains above minimum levels required by board policy.
Chief Financial Officer Christy Chicoine said the audit reflects progress following prior concerns identified in earlier reviews.
“We have made significant improvements compared to the prior year’s audit as a Finance Department, and I am grateful for the finance team’s commitment towards those improvements as demonstrated in this audit,” Chicoine said. “While we still have work to do to continue to sustain and enhance the district’s fiscal management, the audit report indicates we are clearly headed in the right direction.”
Superintendent Anna Cole said the findings validate work undertaken over the past two years to rebuild internal systems and improve transparency.
“Over the past two years, our teams have worked diligently and transparently to rebuild internal financial systems that left the district at risk,” Cole said. “The outcomes of this audit are evidence that we are on track.”
Cole said the timing of the audit is significant as the district begins developing its budget for the 2026-27 school year and faces mounting external pressures.
“We couldn’t have stabilized internal systems at a better time,” she said. “As we begin the budgeting process for the 26/27 school year, we face external challenges like declining enrollment, instability of state and federal funding, and a rising cost of living that is outpacing staff and teacher salaries. This audit is an important confirmation that our finances are in order as we prepare to navigate oncoming challenges.”
Board President Lindsay DeFrates said the board is better positioned to plan ahead following the audit’s conclusions.
“We are grateful for the leadership of Chief Chicoine and the hard work of the district finance and human resources teams,” DeFrates said. “We are now in a much better place financially and will move forward with clarity, transparency and accountability, able to better navigate the challenges to come.”
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