Average balances of 401(k) retirement plans reached the highest level since Fidelity Investments began tracking account values in 1998.

The average account balance in the U.S. rose to $74,900 as of March 31, an increase of almost 12 percent from last year, according to a report released today by the Boston-based mutual- fund manager. Fidelity, the largest provider of 401(k)s, has 11 million participants in almost 16,500 employer-sponsored defined contribution plans.

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