SAN DIEGO, CA--(Marketwired - Oct 22, 2013) - BrightScope (www.brightscope.com), a leading provider of independent financial information and investment research, today announced the Top 25 companies in the Boston area 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.
"It's great to see that most of the companies that were on the Boston list in 2012 remained on this year's list, and many have even improved their rating," said Dan Weeks, Co-Founder of BrightScope. "It's clear that those companies have continued to make the plan improvements geared towards helping employees reach their retirement goals."
Noteworthy findings in the 2013 Top 25 Boston 401k Plans list include:
- While Wellington Management Company maintains the top spot for the third time in a row, welcomed to the list are first-timers New England Biolabs, Boston Scientific Corporation, Kronos Incorporated, Simpson Gumpertz & Heger, Goodwin Procter, NSTAR, and Bull HN Information Systems
- Greatest Leap: EMD Serono rocketed 17 spots from #22 up to #5 this year
- Largest Drop: Boston Consulting Group slid 11 spots from #11 to #22
- Average account balance for plans listed is $176,890
- 94.04% is the average participation rate for plans on the list
- Average company generosity for plans listed is $9,767; the median is $7,472
- Average salary deferral for plans listed is $8,954; the median is $9,727
Top 25 Boston Area companies with the highest ranked 401k plans containing more than $100 million in assets:
Company - Plan Name - BrightScope Rating
1. Wellington Management Company, LLP - Wellington Retirement and Pension Plan - 90.36
2. Eaton Vance Management - Eaton Vance Management Profit Sharing and Savings Plan - 87.87
3. Simpson Gumpertz & Heger, Inc. - SGH Profit Sharing & 401(k) Plan and Trust - 87.54
4. Millennium Pharmaceuticals, Inc. - Millennium Pharmaceuticals, Inc. 401(k) Plan and Trust - 87.00
5. EMD Serono, Inc. - EMD Serono 401(k) Savings and Retirement Account Plan - 86.27
6. Loomis, Sayles & Company, L.P. - Loomis, Sayles & Company, L.P. Employees' Profit Sharing Retirement Plan - 85.97
7. Natixis Global Asset Management, L.P. - 401(k) Savings and Retirement Plan sponsored by Natixis Global Asset Management, L.P. - 85.88
8. Vertex Pharmaceuticals Incorporated - Vertex Pharmaceuticals Incorporated 401(k) Plan - 85.63
9. Biogen Idec Inc. - Biogen Idec 401(k) Savings Plan - 85.02
10. The MathWorks, Inc. - The MathWorks, Inc. 401(k) Retirement Plan - 84.86
11. Tufts Medical Center Physicians Organization, Inc. - Tufts Medical Center Physicians Organization, Inc. 401(a) Retirement Plan - 84.82
12. Progress Software Corporation - Progress Software Corporation 401(k) Plan - 84.57
13. Goodwin Procter LLP - Goodwin Procter LLP Partnership Profit Sharing Savings Plan - 84.49
14. New England Biolabs, Inc. - New England Biolabs, Inc. Employees' Stock Ownership Plan And Trust - 84.14
15. Analog Devices, Inc. - Analog Devices, Inc. The Investment Partnership Plan - 83.40
16. FMR LLC - FMR LLC Profit Sharing Plan - 83.35
17. Cabot Corporation - Cabot Retirement Savings Plan - 82.91
18. Boston Scientific Corporation - Boston Scientific Corporation 401(k) Retirement Savings Plan - 82.91
19. Ropes & Gray LLP - Ropes & Gray LLP Retirement Savings Plan - 82.67
20. Kronos Incorporated - Kronos Incorporated Retirement Savings Plan - 82.39
21. Waters Technologies Corporation - Waters Employee Investment Plan - 82.23
22. The Boston Consulting Group, Inc. - The Boston Consulting Group, Inc. Employees' Savings Plan and Profit Sharing Retirement Fund - 82.13
23. Teradyne, Inc. & Subsidiaries - Teradyne, Inc. Savings Plan - 82.12
24. NSTAR - NSTAR Savings Plan - 82.10
25. Bull HN Information Systems, Inc. - Bull HN Information Systems, Inc. Investment Plus Plan - 82.09
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.
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.