BrightScope has ranked the top 25 companies in the United States with the highest ranked 401(k) plans containing more than $100 million in assets in the finance and insurance sector.
BrightScope, an independent financial information and investment research company, obtains its data from plan sponsors, record keepers and other publicly available sources, like the U.S. Department of Labor and the U.S. Securities and Exchange Commission.
"Financial services companies play a critical role in providing the investment and insurance products that deliver retirement outcomes for millions of ordinary Americans," said Mike Alfred, CEO and co-founder of BrightScope. “By offering robust 401k plans, these companies demonstrate their knowledge first-hand by promoting a promising financial future for their own employees.”
Wellington Management Co. and its Wellington Retirement and Pension Plan took the top spot, followed by American Century Services, General Re Corp., Assured Guaranty Corp. and Dodge & Cox.
The average account balance for the top 25 plans was $188,218 and the average participation rate for the plans on the list was 96.85 percent. Average company generosity for the plans listed is $13,704; the median was $12,066. The average salary deferral for plans listed was $10,514 and the median was $10,081. Thirteen of the plans on the list have immediate vesting, eight have graded vesting and the remaining four have cliff vesting.
Other companies on the list included: Credit Suisse Securities USA; IVZ Inc.; TD Securities USA; William Blair & Co.; Davenport & Co.; D.E. Shaw & Co.; SVB Financial Group, Jennison Associates; Swiss Re America Holding Corp.; Bessemer Trust Co.; Allianz Global Investors of America; Keefe, Bruyette & Woods Inc.; OppenheimerFunds Inc.; Citadel; Arch Capital Group U.S., Inc.; Loomis, Sayles & Co.; Natixis Global Asset Management; UBS AG; X.L. America Inc.; and Lord Abbett & Co.
The BrightScope Rating was developed by BrightScope Inc., with the help of leading academics and independent 401(k) fiduciaries. By analyzing more than 200 individual data points, the BrightScope Rating algorithm calculates a single numerical value for each 401(k) plan. The data points examined cover broad categories, such as total plan cost, company generosity and investment menu quality.