SOURCE: BrightScope

BrightScope

September 08, 2010 09:00 ET

BrightScope Names the Top 10 Cleveland Area-Based Companies With the Best 401K Plans

Medical, Law and Engineering Firms Top the Region's List

SAN DIEGO, CA--(Marketwire - September 8, 2010) -  BrightScope (www.brightscope.com), the leading independent provider of retirement plan ratings, today announced the Top 10 Cleveland 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.

"All of the companies on Cleveland's Top 10 List have a higher than average rating, and that isn't something that we have seen as we evaluate regions across the country," said Mike Alfred, CEO and co-founder of BrightScope. "This shows that there are a high number of employers in the Cleveland area that value the security of their employees' retirement and will undoubtedly benefit the region's economy in the long-run."

Top 10 Cleveland area-based companies with the highest ranked 401k plans containing more than $100 million in assets:

Company -- Plan Name -- BrightScope Rating (rounded to the nearest whole number)

1. EMP Management Group, Ltd. -- Emergency Medicine Physicians Profit Sharing/401k Plan and Trust -- 85

2. Garland Industries, Inc. -- The Garland Industries, Inc. Employee Stock Ownership Plan & Trust -- 85

3. Calfee Halter & Griswold LLP -- Calfee Halter & Griswold LLP Profit Sharing Trust and Plan -- 82

4. Thompson Hine LLP -- Thompson Hine LLP Retirement Plan -- 81

5. The Lubrizol Corporation -- The Lubrizol Corporation Employees' Profit Sharing and Savings Plan -- 80

6.  FirstEnergy Corp. -- FirstEnergy Corp. Savings Plan -- 80

7Squire, Sanders & Dempsey LLP -- Squire Sanders Retirement Savings Plan -- 80

8. Swagelok Company -- Swagelok Retirement Savings Plan -- 78

9. PolyOne Corporation -- PolyOne Retirement Savings Plan -- 77

10. The Cleveland Clinic Foundation -- The Cleveland Clinic Foundation Cash Balance Plan -- 75

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 more than 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 committed to helping America's workforce retire in dignity. BrightScope is an independent data analytics firm that quantitatively rates 401k plans and gives employers, employees, and advisors tools to enhance plan performance and maximize retirement outlook. 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 401k plan quality at the company level. BrightScope-published ratings, rating definitions, criteria and methodologies are available on the company's public site, www.brightscope.com.

Contact Information

  • Contact:
    Meri Morris
    Atomic PR for BrightScope
    415-593-4031
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