No it's not. They look at after tax money left after consumption. Because IRA's and 401k's are pre-tax, they're not included.
They also don't count realized capital gains. They do deduct the capital gains taxes paid. The savings rate is a flawed statistic.
"Contributions to IRA and 401(k) plans are counted toward the savings rate. So when the rate is negative it becomes very clear that a lot of people aren't participating in retirement plans."
The gains within the account are not counted however.