SAN DIEGO, CA--(Marketwired - Jan 15, 2014) - BrightScope (www.brightscope.com), a leading provider of independent financial information and investment research, today announced its inaugural list of the 30 Most Generous Companies ranked by their 401k plans -- uncovering the U.S. companies that value setting their employees up for a strong financial future.
"Generosity is an important means for companies to recruit and retain top employees," said Brooks Herman, Head of Data & Research at BrightScope. "Its importance is exemplified by the fact that half of the companies on this list have been on one or more other BrightScope rankings this year, and several more have been featured in years past."
BrightScope determined a company's generosity by examining the vesting schedule, eligibility periods and all contributions to the plan made by the company for the sole benefit of the plan's participants. Sullivan and Cromwell LLP topped the list, with plans in professional services, science and technical fields representing half of all plans included. Other noteworthy findings include:
- Vesting matters: Six of the top 10 plans are fully vested the day an employee starts, while a total of thirteen plans on the list offer immediate vesting.
- Generosity has a BIG impact on the bottom line: the average account balance for plans on this list is $470,014 -- a giant leap when compared the average balance of all plans within the BrightScope system ($99,061).
- Contribution is key: The average amount a company contributes to each plan on the list is $31,181; compared to the plan average of $4,184
- Participation increases when employers kick-in: The average participation rate for plans on this list is 96.49%; compared to the plan average of 85.03%
The 30 Most Generous Companies and their best 401k plans by total distribution are:
1. Sullivan & Cromwell LLP - Retirement Plan of Sullivan & Cromwell LLP
2. North American Partners in Anesthesia, LLP - North American Partners in Anesthesia, LLP Profit Sharing Plan
3. Oregon Anesthesiology Group, P.C. - Oregon Anesthesiology Group, P.C. 401(k) Profit Sharing Plan
4. Frontier Refining & Marketing Inc. - Frontier Retirement Savings Plan
5. O'Melveny & Myers LLP - O'Melveny & Myers LLP Keogh Plan
6. Zeta Associates - Zeta Associates Incorporated Savings Plan
7. Shearman & Sterling LLP - Shearman & Sterling LLP Partners Retirement Plan
8. Anesthesia Service Medical Group, Inc. - Anesthesia Service Medical Group, Inc. 401(k) Profit Sharing Plan Trust
9. Cravath, Swaine & Moore LLP - Retirement Plan of Cravath, Swaine & Moore LLP
10. Bryan Cave LLP - Bryan Cave LLP Retirement Plan for Partners
11. Debevoise & Plimpton LLP- Retirement Plan for Lawyers of Debevoise & Plimpton LLP
12. Kay Scholer LLP - Kaye Scholer LLP Retirement Plan
13. Skadden, Arps, Slate, Meagher & Flom, LLP - Skadden, Arps, Slate, Meagher & Flom Retirement Plan
14. Deloitte LLP - Deloitte Profit Sharing Plan
15. United States Member Clubs of the National Hockey League - National Hockey League Pension Plan for Players of United States Member Clubs
16. Ernst & Young U.S. LLP - Ernst & Young Partnership Retirement Plan
17. Weil, Gotshal & Manges, LLP - Weil, Gotshal & Manges Partners' Target Pension Plan
18. Simpson Thacher & Bartlett LLP - Simpson Thacher & Bartlett LLP Supplemental Profit Sharing Plan for Partners
19. Jones Day - Jones Day Retirement Plan
20. Jennison Associates LLC - Jennison Associates Savings Plan
21. Duane Morris LLP - Duane Morris Retirement Plan
22. Dodge & Cox - Dodge & Cox Profit Sharing Plan & Trust
23. Sutter Medical Group, Inc. - Sutter Medical Group 401(k) Profit Sharing Plan
24. United Parcel Service Company - UPS/IPA Defined Contribution Money Purchase Pension Plan
25. Gould Medical Group, Inc. - Gould Medical Group, Inc. 401(k) Profit Sharing Plan and Trust
26. Garland Industries, Inc. - The Garland Industries, Inc. Employee Stock Ownership Plan & Trust
27. Tufts Medical Center Physicians Organization, Inc. - Tufts Medical Center Physicians Organization, Inc. 401(a) Retirement Plan
28. McMaster-Carr Supply Company - McMaster-Carr Supply Company Profit Sharing Trust
29. National Basketball Association - NBA-NBPA 401K Savings Plan
30. Northwest Permanente, P.C. - Northwest Permanente, P.C. Retirement Plan Money Purchase Pension Aspect
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.
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.
For more information, please visit www.brightscope.com.
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 nearly 600,000 financial advisors and nearly 40,000 advisory firms are available for free at www.brightscope.com.