SOURCE: BrightScope

BrightScope

October 07, 2014 08:00 ET

BrightScope Names the Top 25 Pittsburgh Area-Based Companies With the Best 401k Plans

NOVA Chemicals Makes Debut at No. 1 on Annual Ranking, Followed by Bayer Corporation, Ariba and Allegheny Technologies

SAN DIEGO, CA--(Marketwired - Oct 7, 2014) - BrightScope (www.brightscope.com), a leading provider of independent financial information and investment research, today announced the ranking of Pittsburgh area companies with the highest ranked 401k plans containing more than $100 million in assets.

"It's great to see Pittsburgh's companies progress over the years to become one of BrightScope's most positive Top 401k Plans list," said Brooks Herman, Head of Data & Research at BrightScope. "This year, BrightScope saw ratings improve further as Pittsburg area companies continue to embrace the importance of quality retirement offerings to help employees better prepare for their financial futures."

Noteworthy findings in the 2014 Top 25 Pittsburgh 401k Plans list include:

  • Warm Welcome: BrightScope welcomes newcomers NOVA Chemicals, Inc. (No. 1), Vesuvius USA Corporation (No. 9), Trumbull Corporation (No. 15), Rosebud Mining Company (No. 24) and Buchanan Ingersoll & Rooney PC (No. 25)
  • Returning: Michael Baker Corporation (No. 22) returns after falling off in 2013
  • Average account balance for plans listed is $125,922
  • Average participation rate for plans on the list is 95.02 percent
  • Average company generosity for plans listed is $6,876; the median is $6,852
  • Average salary deferral for plans listed is $7,464; the median is $7,325

Top 25 Pittsburgh area companies with the highest ranked 401k plans containing more than $100 million in assets:

Company - Plan Name - BrightScope Rating

1. NOVA Chemicals, Inc. - NOVA Chemicals, Inc. Savings Plan for U.S. Employees - 89.25

2. Bayer Corporation - Bayer Corporation Savings and Retirement Plan - 87.56 

3. Ariba, Inc. - Ariba, Inc. Employees' 401k Savings Plan - 85.58

4. Allegheny Technologies Incorporated - Allegheny Technologies Retirement Savings Plan - 85.16  

5. LANXESS Corporation - LANXESS Corporation Defined Contribution Plan - 84.73

6. Mylan, Inc. - Mylan Profit Sharing 401k Plan - 83.74 

7. Reed Smith LLP - Reed Smith LLP Deferred Profit Sharing Plan - 83.73

8. EQT Corporation - EQT Corporation Employee Savings Plan - 83.68

9. Vesuvius USA Corporation - Vesuvius Retirement Plan for Salaried Employees - 82.55

10. K&L Gates LLP - K&L Gates 401k Plan Alpha - 82.17

11. Alcoa Inc. - Alcoa Retirement Savings Plan for Salaried Employees - 81.66

12. United States Steel Corporation and Affiliated Companies - United States Steel Corporation Savings Fund Plan for Salaried Employees - 81.44

13. CONSOL Energy Inc. - CONSOL Energy Inc. Investment Plan for Salaried Employees - 80.68 

14. Eckert Seamans Cherin & Mellott LLC ESCM - Eckert Seamans Cherin & Mellott, LLC Profit Sharing Plan - 80.59

15. Trumbull Corporation - Trumbull Corporation 401k Savings and Profit Sharing Plan - 80.42

16. K&L Gates LLP - K&L Gates 401k Plan Beta - 79.88

17. Crown Castle International Corporation - Crown Castle International Corporation 401k Plan - 78.83

18. Westinghouse Electric Company, LLC - Westinghouse Electric Company Savings Plan - 78.79

19. Bechtel Marine Propulsion Corporation - Bechtel NR Program Savings Plan - 78.76 

20. The Bank of New York Mellon Corporation - The Bank of New York Mellon Corporation 401k Savings Plan - 78.75

21. Federated Investors, Inc. - Federated Investors, Inc. Employees Profit Sharing/401k Plan - 78.69

22. Michael Baker Corporation - Baker 401k Plan - 76.54

23. II-VI Incorporated - II-VI Incorporated Employees' Profit Sharing Plan - 75.44 

24. Rosebud Mining Company - Rosebud Mining Company 401k Plan - 74.55

25. Buchanan Ingersoll & Rooney PC - Buchanan Ingersoll & Rooney PC Profit Sharing Plan - 74.53

Note: This data is accurate as of September 26, 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 cloud-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.