SAN DIEGO, CA--(Marketwire - Oct 25, 2012) - BrightScope (www.brightscope.com), a leading provider of independent financial information and investment research, today announced its second round list of the top Charlotte area-based companies with the highest ranked 401k plans containing more than $50 million in assets. This year BrightScope has extended the list to include the top 25 companies.
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.
"An effective 401k plan helps instill employees' confidence in their financial futures and should be placed in high regard as an important aspect of a company's culture," said Dan Weeks, co-founder and COO of BrightScope. "We have extended our list to include the Top 25 Charlotte-based companies with the best 401k plans -- they should be proud for their dedication and commitment to making robust plans for their employees."
Noteworthy findings in the 2012 Top 25 Charlotte 401k Plans list include:
- List Veteran Congentrix Energy, LLC took top spot, while last year's No. 1, Nucor Corporation, did not appear again on this year's list
- Six of the 10 companies from the previous list made an appearance this year
- Drop in rank: three of the previous 10 companies included on last year's list dropped at least one spot on this year's list, most notably -- EnPro Industries, Inc. dropped one place from 6th to 7th, Goodrich Corporation fell three ranks from No. 7 to No. 10, and SPX Corporation slipped eight spots from 10th to 18th
- Upward Movement: another three of the previous 10 companies ascended at least one spot on this year's list -- Congentrix Energy, LLC climbed two places from 3rd to 1st, Parker Poe Adams & Bernstein LLP moved up two spots from No. 5 to No. 3, and Arrowood Indemnity Company rose four ranks from 9th to 5th
- Notable Newcomers: newcomer Robinson, Bradshaw & Hinson, P.A. took the second spot; Moore & Van Allen PLLC (No. 4), Rexam, Inc. (No. 6), CommScope, Inc. (No. 8), and Continental Automotive, Inc. (No. 9), among others.
Company - Plan Name - BrightScope Rating
1. Cogentrix Energy, LLC - Cogentrix Energy, LLC Retirement Savings Plan - 92.58
2. Robinson, Bradshaw & Hinson, P.A. - Robinson, Bradshaw & Hinson, P.A. Profit-Sharing Plan - 87.14
3. Parker Poe Adams & Bernstein LLP - Parker Poe Adams & Bernstein LLP 401(k) Profit Sharing Plan and Trust - 83.96
4. Moore & Van Allen PLLC - Moore & Van Allen PLLC 401(k) Profit Sharing Plan - 83.17
5. Arrowood Indemnity Company - The 401(k) Plan of Arrowood Indemnity Company - 82.55
6. Rexam, Inc. - Rexam, Inc. Retirement Savings Plan - 81.28
7. EnPro Industries, Inc. - EnPro Industries, Inc. Retirement Savings Plan for Salaried Employees - 80.20
8. CommScope, Inc. - CommScope, Inc. Retirement Savings Plan - 79.58
9. Continental Automotive, Inc. - Retirement Savings Plan for Employees of Continental -- Automotive Systems - 78.30
10. Goodrich Corporation - Goodrich Corporation Employees' Savings Plan - 77.60
11. Premier, Inc. - Premier, Inc. Retirement Savings Plan - 77.55
12. OrthoCarolina, P.A. - OrthoCarolina, P.A. 401(k) Profit Sharing Plan - 77.32
13. Charlotte Eye, Ear, Nose & Throat Associates, P.A. - 401(k) Profit Sharing Plan of Charlotte Eye, Ear, Nose & Throat Associates, P.A. - 75.92
14. Horizon Lines, LLC - Horizon Lines Savings and Investment Plan - 75.79
15. Clariant Corporation - Clariant Investment Plan - 75.19
16. Rock Hill Telephone Company - Rock Hill Telephone Company 401(k) and Retirement Plan - 74.32
17. Piedmont Natural Gas Company, Inc. - Piedmont Natural Gas Company, Inc. 401(k) Plan - 73.58
18. SPX Corporation - SPX Corporation Retirement Savings and Stock Ownership Plan - 72.94
19. Chicopee, Inc. - Polymer Group, Inc. Retirement Savings Plan - 72.78
20. Schaeffler Group USA Inc. - Schaeffler Group USA Savings Retirement Plan - 70.87
21. Fairpoint Communications, Inc. - FairPoint Communications, Inc. Employees Savings Plan - 70.69
22. AmWINS Group, Inc. - AmWINS Group, Inc. 401(k) Plan - 70.64
23. SGL Carbon, LLC - SGL Carbon, LLC Retirement and Savings Plan - 70.51
24. MedCath Incorporated - MedCath Incorporated 401(k) Profit Sharing Plan and Trust - 69.00
25. Ingersoll-Rand Company - Ingersoll-Rand Company Employee Savings Plan (ESP) - 68.72
BrightScope's 401k plan Rating was developed by BrightScope, Inc. with the help of leading academics and independent 401k fiduciaries. Analyzing more than 200 individual data points, the BrightScope Rating algorithm can calculate a single numerical score for each 401k plan in the country. The data points examined cover broad categories such as total plan cost, company generosity and investment menu quality.
The company has rated more than 46,000 retirement plans, spanning 30 million workers and $2 trillion in assets, and provided information on more than 770,000 financial advisors. 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.
BrightScope is a financial information company that brings transparency to opaque markets through independent research and analysis. Delivered through web-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 more than 46,000 retirement plans as well as rating definitions, criteria and methodologies, and information on more than 770,000 financial advisors and nearly 45,000 advisory firms are available for free at www.brightscope.com.