SOURCE: BrightScope

BrightScope

August 05, 2014 08:00 ET

BrightScope Announces the Top 25 San Jose Area-Based Companies With the Best 401k Plans

Palo Alto Foundation Medical Group Snags the Top Spot Ahead of Tech Giants Google, Cisco, Yahoo! and VMWare

SAN DIEGO, CA--(Marketwired - Aug 5, 2014) - BrightScope (www.brightscope.com), a leading provider of independent financial information and investment research, today announced the first-ever list of the Top 25 companies in the San Jose area with the highest ranked 401k plans containing more than $50 million in assets.

"In a region where companies are famed for workplace perks, it's great to see that those same companies work to ensure great benefits continue to help employees in retirement," said Brooks Herman, Head of Data & Research at BrightScope. "It's also gratifying to see that workers are just as dedicated to their financial futures, with the average annual deferral by participants in the San Jose area being the highest seen on any of BrightScope's rankings so far this year."

Noteworthy findings in the 2014 Top 25 San Jose 401k Plans list include:

  • Making an entrance: scoring the top spot, Palo Alto Foundation Medical Group's efforts for its employees retirements pay off as it is over three points ahead of the No. 2, SVB Financial Group
  • Tech Titans: BrightScope welcomes industry leaders Google (No. 4), Cisco (No. 7), Yahoo! (No. 12), VMware (No. 15), Intuit (No. 19) and Logitech (No. 24) as prime examples of corporations working to show gratitude to employees through exceptional retirement benefits
  • Average account balance for plans listed is $130,033
  • Average participation rate for plans on the list is 92.16 percent
  • Average company generosity for plans listed is $6,650; the median is $4,349
  • Average salary deferral for plans listed is $12,310; the median is $12,550

Top 25 San Jose Area companies with the highest ranked 401k plans containing more than $50 million in assets:

Company - Plan Name - BrightScope Rating

1. Palo Alto Foundation Medical Group, Inc. - Palo Alto Foundation Medical Group, Inc. 401(K) Plan - 91.73

2. SVB Financial Group - SVB Financial Group 401(k) and Employee Stock Ownership Plan - 88.19

3. Renesas Electronics America Inc. - Renesas Electronics America, Inc. Savings & Retirement Plan - 87.83

4. Google Inc. - Google Inc. 401(k) Savings Plan - 87.33

5. Electric Power Research Institute, Inc. - Electric Power Research Institute, Inc. 401(k) Plan - 86.95

6. Infineon Technologies North America Corp. - Infineon Technologies Savings Plan - 86.73 

7. Cisco Systems, Inc. - Cisco Systems, Inc. 401(k) Plan - 85.84

8. Juniper Networks, Inc. - Juniper Networks, Inc. 401(k) Plan - 85.65

9. Cadence Design Systems, Inc. - Cadence Design Systems, Inc. 401(k) Plan - 85.18

10. Xilinx, Inc. - Xilinx 401(k) Plan  - 84.74

11. Wilson Sonsini Goodrich & Rosati, PC - WSGR 401(k) and Profit Sharing Plan - 84.66

12. Yahoo! Inc. 401(k) Plan - Yahoo! Inc. 401(k) Plan - 84.28

13. Palo Alto Research Center - Palo Alto Research Center 401(k) Plan - 84.05 

14. SanDisk Corporation - SanDisk 401(k) Plan - 84.03

15. VMware, Inc. - VMware, Inc. 401(k) Savings Plan - 83.64

16. Exponent, Inc. - Exponent, Inc. 401(k) Savings Plan - 83.60

17. Adobe Systems Incorporated - Adobe Systems Incorporated 401(k) Retirement Savings Plan - 83.57

18. Lam Research Corporation - Savings Plus Plan, Lam Research 401(k) - 83.46

19. Intuit, Inc. - Intuit, Inc. 401(k) Plan - 83.30

20. Brocade Communications Systems, Inc. - Brocade Communications Systems, Inc. 401(k) Plan - 83.29

21. Integrated Device Technology, Inc. - Integrated Device Technology, Inc. 401(k) Savings Plan - 83.26

22. Synopsys, Inc. - Synopsys 401(k) Plan - 83.20 

23. Informatica Corporation - Informatica Corporation 401(k) Retirement Plan - 83.11

24. Logitech, Inc. - Logitech, Inc. Savings & Retirement Plan - 82.78

25. Headway Technologies, Inc. - Headway Technologies, Inc. 401(k) Savings and Retirement Plan - 82.68 

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 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 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.