SOURCE: BrightScope

BrightScope

April 07, 2015 08:00 ET

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

Visteon Snags Top Spot for Second Year Running; Four New Companies Join the List

SAN DIEGO, CA--(Marketwired - Apr 7, 2015) - BrightScope (www.brightscope.com), a leading provider of independent financial information and investment research, today announced the ranking of Detroit area companies with the highest ranked 401k plans containing more than $100 million in assets.

"It's great to see Detroit companies stepping up to improve their offerings, with overall plan ratings and company generosity increasing from last year," said Brooks Herman, Head of Data & Research at BrightScope. "Businesses are working hard to offer better retirement options for their employees, and people are responding by putting away more money for their futures, growing the average account balance nearly 14 percent in the last year."

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

  • Staying on top: all five companies topping last year's list appear in the top spots again, with Visteon Corporation stealing the No. 1 slot
  • Warm Welcome: T-Systems North America, Inc., No. 8, Amerisure Mutual Insurance Company, No. 15, Fives Machining Systems, Inc., and TriMas Corporation, No. 17, all join the ranking for the first time this year.
  • Average account balance for plans listed is $151,442
  • Average participation rate for plans on the list is 91.71 percent
  • Average company generosity for plans listed is $6,017; the median is $5,082
  • Average salary deferral for plans listed is $8,800; the median is $4,831

Top 25 Detroit area companies with the highest ranked 401k plans containing more than $100 million in assets:

Company -- Plan Name -- BrightScope Rating 

1. Visteon Corporation -- Visteon Investment Plan -- 87.24

2. Honigman Miller Schwartz and Cohn, LLP -- Honigman Miller Schwartz and Cohn, LLP Income Deferral and Profit Sharing Plan -- 86.76

3. Miller Canfield Paddock & Stone, P.L.C. -- Miller Canfield Paddock & Stone, P.L.C. Capital Accumulation 401k Plan -- 86.67

4. General Motors, LLC -- General Motors Retirement Savings Plan for Salaried Employees in the United States -- 86.13

5. Delphi Corporation -- Delphi Salaried Retirement Savings Program -- 85.48

6. Ford Motor Company -- Ford Motor Co. Savings and Stock Investment Plan for Salaried Employees -- 84.92

7. Dykema Gossett, PLLC -- Dykema Gossett, PLLC Savings & Investment Plan -- 84.04 

8. T-Systems North America, Inc. -- T-Systems North America, Inc. 401k Retirement Plan -- 84.04

9. Compuware Corporation Tax Department 14W -- Compuware Corporation ESOP/401k Plan -- 83.59

10. American Axle & Manufacturing, Inc. -- American Axle & Manufacturing, Inc. Salaried Savings Plan -- 83.58

Note: This data is accurate as of March 27, 2015.

To view the complete list of the Top 25 Detroit area companies with the best 401k plans in the United States, visit the BrightScope Blog at http://blog.brightscope.com/2015/04/07/top-25-detriot-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.