SOURCE: BrightScope

January 19, 2010 09:00 ET

Consumers Get First-Ever Look at 401k Fees With Personal 401k Fee Report

BrightScope Shows Millions of Americans With 401k Plans Exactly How Much They Are Paying in Retirement Fees -- for Free

SAN DIEGO, CA--(Marketwire - January 19, 2010) - BrightScope (www.brightscope.com), a leading provider of independent retirement plan ratings and investment research, today launched its Personal 401k Fee Report. For the first time ever, 401k plan participants can easily figure out exactly how much they are paying in fees, with more than 30,000 rated plans, in as little as two minutes.

"BrightScope offers the Personal 401k Fee Report as the first and only way participants can easily determine what they are paying for maintenance in their plans," said Mike Alfred, CEO and founder of BrightScope. "With a comprehensive database of more than 30,000 401k plans, we're uniquely positioned to deliver a vital resource to millions of Americans unaware of how much of their retirement savings is going to fees each year. It's one of the biggest, if not THE biggest issue in the industry, and a key area where BrightScope can provide unprecedented transparency."

The 401k has become the most prominent retirement savings vehicle, with a large majority of Americans dependent on it for their future. BrightScope's Personal 401k Fee Report is the only way a participant can get a clear picture of how much of the money they save for retirement is actually spent on fees paid to various plan providers. This information is not typically printed on statements.

BrightScope's Personal 401k Fee Report is the first of several tools that will be rolled out to 401k participants in 2010, to support the company's mission to help millions more retire in dignity.

BrightScope now rates more than 30,000 401k plans -- a stated goal that was met by the end of 2009 -- spanning more than 30 million workers and over $1.9 trillion in assets. Industry adoption of the BrightScope Rating will lead to more cost-effective plans, increased participation rates, higher employee satisfaction, and better outcomes for the 60 million employees who depend on their 401k plan for retirement.

For more information about BrightScope, go to www.BrightScope.com.

About BrightScope

BrightScope is committed to helping America's workforce retire in dignity. BrightScope is an independent data analytics software firm that quantitatively rates 401k plans and gives employers, employees, and advisors tools to enhance plan performance and maximize retirement outlook. The BrightScope Rating™ developed in partnership with leading independent 401k fiduciaries, reviews more than 200 unique data inputs per plan and calculates a single numerical score which defines 401k plan quality at the company level. BrightScope-published ratings, rating definitions, criteria and methodologies are available on the company's public site, www.brightscope.com.

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