SOURCE: BrightScope

BrightScope

May 19, 2015 08:00 ET

BrightScope Announces the Top 25 Charlotte Area Companies With the Best 401k Plans

Robinson, Bradshaw & Hinson, P.A. Maintains the No. 1 Ranking; Four New Companies Join the List

SAN DIEGO, CA--(Marketwired - May 19, 2015) - BrightScope (www.brightscope.com), a leading provider of independent financial information and investment research, today announced the ranking of Charlotte area companies with the highest rated 401k plans containing more than $50 million in assets.

"Businesses in Charlotte have some of the best vesting schedules we've seen in over a year, and the top ten alone offer immediate vesting for employee plans," said Brooks Herman, Head of Data & Research at BrightScope. "North Carolina companies are working hard to give their employees the best options, and helping them build towards a stable financial future."

Noteworthy findings in the 2015 Top 25 Charlotte Area 401k Plans list include:

  • On top: Robinson, Bradshaw & Hinson, P.A. returns at No. 1 for the second year in a row by continuing to improve their BrightScope rating year over year.
  • Warm Welcome: Bank of America Corporation, with two plans on the list at No. 2 and No. 19, respectively, BSN Medical Inc., No. 13, Charlotte Radiology, P.A., No. 24, Piedmont HealthCare, P.A., No. 20, all join the ranking for the first time this year.
  • Vesting matters: All of Charlotte's top ten plans have an immediate vesting schedule for employees.
  • Average account balance for plans listed is $146,155
  • Average participation rate for plans on the list is 94.4 percent
  • Average company generosity for plans listed is $6,556; the median is $5,500
  • Average salary deferral for plans listed is $6,614; the median is $6,671

Top 25 Charlotte area companies with the highest ranked 401k plans containing more than $50 million in assets:

Company - Plan Name - BrightScope Rating

1. Robinson, Bradshaw & Hinson, P.A. - Robinson, Bradshaw & Hinson, P.A. Profit-Sharing Plan - 88.36

2. Bank of America Corporation - Merrill Lynch & Co., Inc. 401(K) Savings & Investment Plan - 87.71

3. Moore & Van Allen PLLC - Moore & Van Allen PLLC 401(k) Profit Sharing Plan - 86.35

4. Parker Poe Adams & Bernstein LLP - Parker Poe Adams & Bernstein LLP 401(k) Profit Sharing Plan and Trust - 85.27

5. Rexam, Inc. - Rexam Retirement Savings Plan - 85.21

6. Arrowood Indemnity Company - The 401(k) Plan of Arrowood Indemnity Company - 84.68

7. Cogentrix Energy Power Management, LLC - Cogentrix Retirement Savings Plan - 83.11

8. CommScope, Inc. - CommScope, Inc. Retirement Savings Plan - 81.81

9. Clariant Corporation - Clariant Investment Plan - 80.36

10. Horizon Lines, LLC - Horizon Lines Savings and Investment Plan - 80.35

Note: This data is accurate as of May 5, 2015.

To view the complete list of the Top 25 Charlotte area companies with the best 401k plans in the United States, visit the BrightScope Blog at: http://blog.brightscope.com/2015/05/18/top-25-charlotte-area-companies-with-the-best-401k-plans/

BrightScope obtains an increasing amount of its data directly from plan sponsors and record keepers, and augments these primary sources with data from publicly available sources such as the Department of Labor and the Securities and Exchange Commission. By analyzing and interpreting this data, BrightScope provides unprecedented transparency into the 401k industry.

The BrightScope Rating was developed by BrightScope, Inc. with the help of leading academics and independent 401k fiduciaries. By analyzing more than 200 individual data points, the BrightScope Rating algorithm calculates a single numerical value for each 401k plan. The data points examined cover broad categories such as total plan cost, company generosity and investment menu quality.

BrightScope has rated nearly 50,000 401k and 403b plans, spanning more than 57 million workers and over $3 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.

About BrightScope
BrightScope is a financial information company that brings transparency to opaque markets through independent research and analysis. Delivered through cloud-based software, BrightScope data drives better decision-making for individual investors, corporate plan sponsors, asset managers, broker-dealers, and financial advisors. 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 plan quality at the company level. In April 2011, the company launched BrightScope Advisor Pages™, the first comprehensive and publicly available directory of financial advisors designed to help consumers discover information and conduct due diligence on wealth management professionals. BrightScope also markets a suite of data analytics software products to Fortune 1000 companies, asset managers, broker-dealers, financial advisors, and other market participants. Public ratings for nearly 50,000 retirement plans as well as rating definitions, criteria and methodologies, and information on more than 680,000 financial advisors and nearly 33,000 active advisory firms are available for free at www.brightscope.com.