Traditionally, employees have signed up for their employers 401(k) retirement plan with a paper form or an extensive online process, but the new method allows individuals to sign up with a simple text message or through a mobile-friendly website.

Leading the pack was Sullivan & Cromwell, a law firm based in New York. BrightScope noted the plan for its low fees, company generosity, participation rate and the size of participants account balances.

The proposal marks a new direction for a governor who has said he opposed a state bailout that focuses only on reducing the citys $18 billion in debt.