SOURCE: BrightScope

BrightScope

November 09, 2010 09:00 ET

BrightScope Recognizes the Top 10 Buffalo Area-Based Companies With the Best 401k Plans

Diversity of the List Shows Promise for the Region's Economic Future

SAN DIEGO, CA--(Marketwire - November 9, 2010) -  BrightScope (www.brightscope.com), the leading independent provider of retirement plan ratings, today announced the Top 10 Buffalo area-based companies with the highest ranked 401k plans containing more than $25 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.

"The industries in Buffalo's Top 10 List include a wide range of occupations, from professional services to plant workers, proving that it is possible for most companies to provide employees with an above average 401k plan," said Mike Alfred, CEO of BrightScope. "BrightScope makes it simple to identify weaknesses within plans so participants and sponsors can initiate small adjustments to their plan's structure that will have a long-term effect on its value."

Top 10 Buffalo area-based companies with the highest ranked 401k plans containing more than $25 million in assets:

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

1. Damon & Morey LLP -- Damon & Morey LLP Profit Sharing and 401k Plan -- 81

2. Brookhaven Science Associates, LLC -- Brookhaven Science Associates, LLC 401k Plan -- 81

3. National Fuel Gas Company -- National Fuel Gas Company Tax-Deferred Savings Plan for Non-Union Employees -- 80 

4. Luvata Buffalo, Inc. -- Luvata Buffalo, Inc. 401k Retirement Plan -- 79

5. Norampac Industries, Inc. -- Norampac Industries, Inc. 401k Profit Sharing Retirement Plan -- 79

6. Sevenson Environmental Services Inc. -- Sevenson 401k/Profit Sharing -- 78

7. Merchants Mutual Insurance Co. -- Merchants Mutual Capital Accumulation Plan -- 78

8. Computer Task Group, Inc. -- Computer Task Group Incorporated 401k Retirement Plan -- 77

9. Cannon Design, Inc. -- The Cannon Corporation 401k Plan -- 77

10. HealthNow New York, Inc. -- HealthNow New York, Inc. Elective 401(k) Plan for Non-Bargaining Unit Employees -- 73

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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