SOURCE: BrightScope

BrightScope

April 08, 2014 08:00 ET

BrightScope Lists the Top 25 Detroit Area-Based Companies With the Best 401k Plans

Visteon Corporation Grabs the Top Spot on This Year's List, Followed Closely by Perpetual Top-Scorer Honigman Miller Schwartz and Cohn LLP

SAN DIEGO, CA--(Marketwired - Apr 8, 2014) - BrightScope (www.brightscope.com), a leading provider of independent financial information and investment research, today announced the Top 25 companies in the Detroit area with the highest ranked 401k plans containing more than $100 million in assets.

"The ratings of the top plans in Detroit show there are many employers in the area offering quality 401k plans despite the economic challenges faced by many in the region," said Brooks Herman, Head of Data & Research at BrightScope. "It's clear these Detroit companies care about the financial futures of their work force."

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

  • New All-Star: Visteon Corporation rocketed to No. 1 from No. 9 in 2012, the year the list was last issued
  • Welcome Back: Pulte Group, Inc. re-joined the list at No. 23, having fallen off in 2012
  • Upward movement: Compuware Corporation Tax Department 14W jumped nine spots to No. 14, up from No. 23 in 2012
  • Staying strong: Honigman Miller Schwartz and Cohn LLP, Miller Canfield Paddock & Stone, P.L.C., and General Motors LLC not only maintained their respective spots at No. 2, No. 3, and No. 5 this year, but also improved their BrightScope rating
  • Average account balance for plans listed is $132,875
  • Average participation rate for plans on the list is 90.30 percent
  • Average company generosity for plans listed is $6,038; the median is $5,206
  • Average salary deferral for plans listed is $8,228; the median is $7,905

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 - 87.54

2. Honigman Miller Schwartz and Cohn LLP - Honigman Miller Schwartz and Cohn LLP Income Deferral and Profit Sharing Plan - 87.11

3. Miller Canfield Paddock & Stone, P.L.C. - Miller Canfield Paddock & Stone, P.L.C. Capital Accumulation 401(k) Plan - 86.14

4. Delphi Corporation - Delphi Salaried Retirement Savings Program - 85.60

5. General Motors LLC - General Motors Retirement Savings Plan for Salaried Employees in the United States - 85.34

6. Dickinson Wright PLLC - Dickinson Wright PLLC Retirement and 401(k) Savings Plan - 84.24

7. International Union, UAW - U.A.W. Staff Pension (Severance) Plan - 83.71

8. Dykema Gossett PLLC - Dykema Gossett PLLC Savings & Investment Plan - 83.37

9. American Axle & Manufacturing, Inc. - American Axle & Manufacturing, Inc. Salaried Savings Plan - 82.65

10. Lear Corporation - Lear Corporation Salaried Retirement Program - 82.43

11. DTE Energy Corporate Services, LLC - DTE Energy Company Savings and Stock Ownership Plan - 81.51

12. Ford Motor Company - Ford Motor Company Savings and Stock Investment Plan for Salaried Employees - 81.40

13. The Taubman Company, LLC - The Taubman Company and Related Entities Employee Retirement Savings Plan - 80.80

14. Compuware Corporation Tax Department 14W - Compuware Corporation ESOP/401(k) Plan - 80.37

15. FANUC Robotics America Corporation - FANUC Robotics America Savings Plan - 80.25

16. International Automotive Components Group North America - IACNA Retirement Savings Program - 79.17 

17. MAG Industrial Automation Systems, LLC - MAG IAS Retirement Savings Plan - 77.93

18. Yazaki North America, Inc. - Yazaki Employee Savings and Retirement Plan - 77.88

19. TRW Automotive Holdings Corp. - TRW Automotive 401(k) Savings Plan - 77.70

20. Blue Cross Blue Shield of Michigan - Blue Cross Blue Shield of Michigan Employees' Savings Plan - 77.68

21. BorgWarner, Inc. - BorgWarner, Inc. Retirement Savings Plan - 76.67

22. Ally Financial Inc. - Ally Financial Inc. Retirement Savings Plan - 76.61

23. PulteGroup, Inc. - PulteGroup, Inc. 401(k) Plan - 76.29

24. Valeo, Inc. - Valeo, Inc. Retirement Savings Plan - 75.94

25. Barton Malow Company - Barton Malow Profit Sharing and Savings Plan - 75.83

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.