SOURCE: BrightScope

BrightScope

October 08, 2013 08:00 ET

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

Longtime No. 2 Reed Smith LLP Finally Beats Out Bayer Corp. for Top Honors, While Last Year's Newcomer LANXESS Keeps Spot at No. 3

SAN DIEGO, CA--(Marketwired - Oct 8, 2013) - BrightScope (www.brightscope.com), a leading provider of independent financial information and investment research, today announced the Top 25 companies in the Pittsburgh 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.

"Pittsburgh is home to nationally recognized manufacturers and consultants, many of which are included in the region's top 10 list," said Dan Weeks, Co-Founder of BrightScope. "These companies stand out not only because they supply the country with essential products and services, but also because they demonstrate that they value employees by providing the building blocks for a successful retirement."

Noteworthy findings in the 2013 Top 25 Pittsburgh 401k Plans list include:

  • First Appearance & Reappearance: HighMark debuted at #22 and PPG Industries returns to the list after three years off at #25
  • Greatest Leap: Alcoa Inc. rocketed 8 spots from #19 up to #11 this year
  • Largest Drop: Bechtel Corporation slid 10 spots from #3 to #13
  • Average account balance for plans listed is $120,435
  • 93.06% is the average participation rate for plans on the list
  • Average company generosity for plans listed is $5,800; the median is $4,832
  • Average salary deferral for plans listed is $7,074; the median is $6,941

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

Company - Plan Name - BrightScope Rating

1. Reed Smith LLP - Reed Smith LLP Deferred Profit Sharing Plan - 86.94

2. Bayer Corporation - Bayer Corporation Savings and Retirement Plan - 86.82

3. LANXESS Corporation - LANXESS Corporation Defined Contribution Plan - 85.62

4. H.J. Heinz Company - H.J. Heinz Company Employees Retirement and Savings Plan - 85.20

5. K&L Gates LLP - K&L Gates 401(k) Plan Beta - 85.15

6. Allegheny Technologies Incorporated - Allegheny Technologies Retirement Savings Plan - 83.75

7. Ariba, Inc. - Ariba, Inc. Employees' 401(k) Savings Plan - 83.19

8. Mylan Laboratories, Inc. - Mylan Laboratories, Inc. - 82.88

9. K&L Gates LLP - K&L Gates 401(k) Plan Alpha - 81.93

10. CONSOL Energy Inc. - CONSOL Energy Inc. Investment Plan for Salaried Employees - 80.85

11. Alcoa Inc. - Alcoa Retirement Savings Plan for Salaried Employees - 80.51

12. Eckert Seamans Cherin & Mellott LLC ESCM - Eckert Seamans Cherin & Mellott, LLC Profit Sharing Plan - 80.50

13. United States Steel Corporation and Affiliated Companies - United States Steel Corporation Savings Fund Plan for Salaried Employees - 80.49

14. EQT Corporation - EQT Corporation Employee Savings Plan - 80.41

15. ANSYS, Inc. - ANSYS, Inc. Employees' Retirement Program - 80.20

16. Federated Investors, Inc. - Federated Investors, Inc. Employees Profit Sharing/401(k) Plan - 78.43

17. Westinghouse Electric Company, LLC - Westinghouse Electric Company Savings Plan - 77.97

18. Bechtel Marine Propulsion Corporation - Bechtel NR Program Savings Plan - 77.64

19. The Bank of New York Mellon Corporation - The Bank of New York Mellon Corporation 401(k) Savings Plan - 75.61

20. Ansaldo STS USA - Ansaldo STS USA Retirement Savings Plan - 75.20

21. Kennametal, Inc. - Kennametal Thrift Plus Plan - 74.26

22. HighMark Inc. - HighMark Investment Plan - 73.91

23. Curtiss-Wright Electro-Mechanical Corporation - Curtiss-Wright Electro-Mechanical Corporation Savings Plan - 73.82

24. Allegheny Technologies Incorporated - The 401(k) Plan - 72.27

25. PPG Industries - PPG Industries Employee Savings Plan - 71.83

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 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.