SOURCE: BrightScope

BrightScope

March 19, 2013 09:00 ET

BrightScope Announces the Top 25 New York City Area-Based Companies With the Best 401k Plans

Sullivan & Cromwell LLP Takes the No. 1 Spot for New York City Area-Based Businesses on BrightScope's 3rd Annual List of the Region's Top Plans

SAN DIEGO, CA--(Marketwire - Mar 19, 2013) - BrightScope (www.brightscope.com), a leading provider of independent financial information and investment research, today announced its third annual list of the top New York City area-based companies with the highest ranked 401k plans containing more than $100 million in assets.

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.

"It is indicative to see so many new companies on this year's New York City top plans list -- these employers are paying attention to the retirement benefits they offer and have made huge strides recently to offer more robust plans to employees," said Dan Weeks, Co-Founder and Chief Evangelist of BrightScope. "The unparalleled insight of the BrightScope Rating gives other companies across the nation a benchmark of success in 401k performance that they should seek to achieve."

Noteworthy findings in the 2013 Top 25 New York City 401k Plans list include:

  • Average account balance for plans listed is $303,634
  • 98.06% is the average participation rate for plans on the list
  • Average company generosity for plans listed is $19,886; the median is $18,704
  • Average salary deferral for plans listed is $7,970; the median is $10,386
  • This year's list was very competitive -- a majority of plans ranked below 9th last year did not make an appearance on this year's list
    • The lowest rating on this year was 86.39 compared to 84 in 2012

Company - Plan Name - BrightScope Rating

1. Sullivan & Cromwell LLP - Retirement Plan of Sullivan & Cromwell LLP - 92.55

2. National Basketball Association - NBA-NBPA 401(k) Savings Plan - 91.91

3. PMI Global Services, Inc. - Philip Morris International Deferred Profit-Sharing Plan - 90.24

4. Board of Trustees of NHL Pension Plan For Players of US Member Clubs - National Hockey League Pension Plan for Players of United States Member Clubs - 90.19

5. Simpson Thacher & Bartlett LLP - Simpson Thacher & Bartlett LLP Supplemental Profit Sharing Plan for Partners - 89.89

6. General Re Corporation - Employee Savings & Stock Ownership Plan of General Re Corporation and Its Domestic Subsidiaries - 89.39

7. Assured Guaranty Corp. - Assured Guaranty Corp. Employee Retirement Plan - 89.37

8. Stroock & Stroock & Lavan LLP - Stroock & Stroock & Lavan LLP Retirement Plan and Trust for Partners - 88.91

9. Weil, Gotshal & Manges, LLP - Weil, Gotshal & Manges Partners' Target Pension Plan - 88.40

10. Credit Suisse Securities USA LLC - Employees Savings and Retirement Plan of Credit Suisse - 88.31

11. TD Securities USA LLC - The TD Wholesale Banking USA 401(k) Plan - 87.39

12. Shearman & Sterling LLP - Shearman & Sterling LLP Partners Retirement Plan - 87.23

13. D.E. Shaw & Company, L.P. - D.E. Shaw & Co., L.P. 401(k) Plan - 87.22

14. Eisai Corporation of North America - The Eisai Retirement Plan - 87.19

15. Emergency Medical Associates - 401(k) Profit Sharing Plan for Employees of EMX, LP - 87.14

16. Bristol-Myers Squibb Company - Bristol-Myers Squibb Company Savings and Investment Program - 87.01

17. Skadden, Arps, Slate, Meagher & Flom, LLP - Skadden, Arps, Slate, Meagher & Flom Retirement Plan - 86.86

18. IBM (International Business Machines) - IBM 401(k) Plus Plan - 86.71

19. Jennison Associates, LLC - Jennison Associates Savings Plan - 86.67

20. Swiss Re America Holding Corporation - Swiss Re Group US Employees' Savings Plan - 86.65

21. Bessemer Trust Company - Bessemer Trust Company 401(k) and Profit Sharing Plan - 86.63

22. BASF Corporation - BASF Corporation Retirement Savings Plan - 86.58

23. Hoffmann - La Roche Inc. - The Roche Savings and Pay Deferral Plan - 86.58

24. Ernst & Young U.S. LLP - Ernst & Young Partnership Retirement Plan - 86.55

25. Ford Foundation - Ford Foundation Retirement Plan - 86.39

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.

BrightScope has rated nearly 50,000 401k plans, spanning more than 30 million workers and over $2 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 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 nearly 600,000 financial advisors and nearly 40,000 advisory firms are available for free at www.brightscope.com.

Contact Information

  • Jen Harding
    Atomic PR for BrightScope
    415-593-1400
    Email Contact