SAN DIEGO, CA — (Marketwired) — 10/08/13 — BrightScope (), 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:
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1. Reed Smith LLP – – 86.94
2. Bayer Corporation – – 86.82
3. LANXESS Corporation – – 85.62
4. H.J. Heinz Company – – 85.20
5. K&L Gates LLP – – 85.15
6. Allegheny Technologies Incorporated – – 83.75
7. Ariba, Inc. – – 83.19
8. Mylan Laboratories, Inc. – – 82.88
9. K&L Gates LLP – – 81.93
10. CONSOL Energy Inc. – – 80.85
11. Alcoa Inc. – – 80.51
12. Eckert Seamans Cherin & Mellott LLC ESCM – – 80.50
13. United States Steel Corporation and Affiliated Companies – – 80.49
14. EQT Corporation – – 80.41
15. ANSYS, Inc. – – 80.20
16. Federated Investors, Inc. – – 78.43
17. Westinghouse Electric Company, LLC – – 77.97
18. Bechtel Marine Propulsion Corporation – – 77.64
19. The Bank of New York Mellon Corporation – – 75.61
20. Ansaldo STS USA – – 75.20
21. Kennametal, Inc. – – 74.26
22. HighMark Inc. – – 73.91
23. Curtiss-Wright Electro-Mechanical Corporation – – 73.82
24. Allegheny Technologies Incorporated – – 72.27
25. PPG Industries – – 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.
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 .