PROVIDENCE – East Providence is the best city in Rhode Island to have a 401(k) based on a report by SmartAsset Wednesday.
The financial services website compared average employer contribution percentages, investment performance and administrative fees for 10 communities in Rhode Island.
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All three top spots beat the national average of 32.3 percent employer contribution and a -0.2 percent investment performance.
East Providence took the top spot with a 60.9 percent employer contribution and a -0.1 percent investment performance; it ranked 63rd nationally. Pawtucket ranked second, with a 41.4 percent employer contribution and 0.8 percent investment performance. Pawtucket ranked 413th nationally. Providence ranked third, and 934th nationally, with a 35.2 percent employer contribution and a -0.2 percent investment performance.
Administrative fees for the top three cities all were 0.1 percent.
The highest rated city for a 401(k) in the country was Abilene, Kan., which boasts a 100 percent employer contribution percentage and -0.1 percent investment performance.
The study was based on data from the 2015 U.S. Department of Labor form 5500 database.
SmartAsset is a software and data company that attempts to understand different financial questions in several markets.
Chris Bergenheim is a PBN staff writer.
