SOURCE: BrightScope

BrightScope

September 03, 2014 08:00 ET

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

Private Diagnostic Clinic PLLC Snags Top Spot After Coming in Second in 2012; Lenovo and Blue Cross Also Make This Year's List

SAN DIEGO, CA--(Marketwired - Sep 3, 2014) - BrightScope (www.brightscope.com), a leading provider of independent financial information and investment research, today announced the Top 25 companies in the Raleigh-Durham area with the highest ranked 401k plans containing more than $50 million in assets.

"It's great to see so many companies in the Raleigh-Durham area return to this list, and to have repeat top performers, like Lenovo and the Private Diagnostic Clinic, further improve the quality of their 401k plans," said Brooks Herman, Head of Data & Research at BrightScope.

"BrightScope has seen more and more companies focus on ways to provide better retirement plans to employees in order to help them prepare for financial success well beyond their working years."

Noteworthy findings in the 2014 Top 25 Raleigh-Durham 401k Plans list include:

  • On top: After following Lenovo in 2012, Private Diagnostic Clinic PLLC scores top honors this year
  • Warm Welcome: Allscripts, LLC (No. 14) and First-Citizens Bank & Trust Company (No. 17 and No. 22) debut on the list
  • Average account balance for plans listed is $100,343
  • Average participation rate for plans on the list is 92.33 percent
  • Average company generosity for plans listed is $5,986; the median is $4,968
  • Average salary deferral for plans listed is $6,330; the median is $5,534

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

Company - Plan Name - BrightScope Rating

1. Private Diagnostic Clinic PLLC - The Private Diagnostic Clinic, PLLC Profit Sharing Plan - 87.45

2. Lenovo United States, Inc. - Lenovo Savings Plan - 85.65 

3. Wake Radiology Consultants, P.A. - 401(k)/Profit Sharing Plan and Trust for Wake Radiology Consultants, P.A. - 84.86

4. LORD Corporation - LORD Corporation Salaried Exempt Employees' Savings and Retirement Plan - 84.20 

5. Tekelec - Tekelec 401(k) Plan  - 83.18

6. Freudenberg Nonwovens Limited Partnership - Freudenberg Companies Savings & Investment Plan - 81.45 

7. Red Hat, Inc. - Red Hat, Inc. 401(k) and Profit Sharing Plan - 81.39

8. Voith Paper Fabric & Roll Systems Inc. - Voith Salaried Retirement Savings Plan - 80.65

9. Kimley-Horn and Associates, Inc. - Kimley-Horn and Associates, Inc. Retirement Savings and Pension Plan - 80.50

10. American Institute of Certified Public Accountants - American Institute of Certified Public Accountants Savings Plan - 80.17

11. ABB, Inc. - Personal Retirement Investment and Savings Management Plan for Employees of ABB, Inc. - 79.70

12. Novozymes North America, Inc. - Novozymes North America, Inc. 401(k) Savings Plan - 79.53

13. McM Corporation - McM Corporation Profit Sharing/401(k) Plan - 79.48

14. Allscripts, LLC - Allscripts Retirement Savings Plan - 77.71

15. bioMerieux, Inc. - bioMerieux, Inc. Employee Savings Plan - 77.64

16. Martin Marietta Materials, Inc. - Martin Marietta Materials, Inc. Performance Sharing Plan - 77.07 

17. First-Citizens Bank & Trust Company - The Enhanced Capital Accumulation Plan for the Employees of First-Citizens Bank & Trust Company and Adopting Related Employers - 77.06

18. Elster - Elster/AMCO 401(k) Savings and Retirement Plan - 77.07

19. Blue Cross and Blue Shield of North Carolina - Blue Cross and Blue Shield of North Carolina 401(k) Plan - 76.89

20. Capitol Broadcasting Company, Inc. - Capitol Broadcasting Company, Inc. Retirement Savings Plan - 76.53

21. First-Citizens Bank & Trust Company - The Capital Accumulation Plan for the Employees of First-Citizens Bank & Trust Company and Adopting Related Employers - 75.87

22. Quintiles Transnational Corporation - Quintiles Transnational Corporation 401(K) Plan - 74.76

23. State Employees' Credit Union - State Employees Credit Union Retirement Savings Plan - 74.35 

24. Sensus USA Inc. - Sensus USA Inc. 401(k) Plan - 73.88

25. Cree, Inc. - Cree, Inc. 401(k) Plan - 73.85

Note: This data is accurate as of August 27, 2014.

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.