SOURCE: BrightScope

BrightScope

November 17, 2010 09:00 ET

BrightScope Names the Top 10 Virginia Beach Area-Based Companies With the Best 401k Plans

Professional Service Firms Top the Region's List

SAN DIEGO, CA--(Marketwire - November 17, 2010) - BrightScope (www.brightscope.com), the leading independent provider of retirement plan ratings, today announced the Top 10 Virginia Beach area-based companies with the highest ranked 401k plans containing more than $10 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.

"As we analyze 401k plans throughout the country, we have seen plans of all sizes with very strong components, resulting in high BrightScope ratings and an improved chance at a successful financial future for participants," said Mike Alfred, CEO of BrightScope. "Our mission is to empower plan sponsors and participants with the data and information they need so they can take the necessary steps to improve their 401k plans."

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

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

1. Goodman & Company, LLP - Goodman & Company 401k Profit Sharing Plan - 82

2. Vandeventer Black, LLP - Vandeventer Black, LLP 401k Profit Sharing Plan - 81

3. Kaufman & Canoles, A Professional Corporation - Kaufman & Canoles 401k Profit Sharing Plan - 80

4. Willcox & Savage, P.C. - Willcox & Savage, P.C. Profit Sharing Retirement Plan - 79 

5. Tidewater Physicians Multispecialty Group, P.C. - Tidewater Physicians Multispecialty Group, P.C. 401k Plan - 79

6. Damuth Services, Inc. - Damuth Services, Inc. Profit Sharing 401k Plan - 78

7. Armada/Hoffler Holding Company - Armada/Hoffler 401k Retirement Plan - 77

8. Gastrointestinal & Liver Specialists of Tidewater, Pllc - Gastrointestinal and Liver Specialists of Tidewater, Pllc 401k Profit Sharing Plan - 77

9. Resource Bank - Resource Bank Stock and 401k Savings Plan - 75

10. Robinson Sigma, Inc. - Robinson Sigma, Inc. 401k Profit Sharing 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 55,000 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

  • Korina Buhler
    Atomic PR for BrightScope
    415-593-1400
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