What is the average employer 401(k) match?

The average employer 401 (k) match reached 4.7% this year, according to Fidelity, which manages more than 30 million retirement accounts. That's a record high, the company tells CNBC Make It. Prior to 2011, the average employer match was usually in the 3% to low 4% range, but has been slowly increasing each quarter in the years since.

What is a 401(k) match?

A 401 (k) match is a contribution by an employer to an employee's retirement account. It's money provided by your employer that will work to grow your savings balance through the years, alongside the contributions that you make. The employer may match all or part of each dollar you contribute, up to a set maximum. A 401 (k) match is often vested.

Do all employers offer a 401(k) match?

Not all employers offer a match even if they offer a 401 (k) program, so check with your HR department to be sure. If employers do offer a 401 (k) match, they will match either a dollar-for-dollar amount or a percentage of your salary up to an annual limit. For instance, they can match 100% of your contributions up to 3% of your annual income.