SAN DIEGO, CA — (Marketwire) — 03/19/13 — BrightScope (), a leading provider of independent financial information and investment research, today announced its third annual list of the top New York City area-based companies 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.
“It is indicative to see so many new companies on this year-s New York City top plans list — these employers are paying attention to the retirement benefits they offer and have made huge strides recently to offer more robust plans to employees,” said Dan Weeks, Co-Founder and Chief Evangelist of BrightScope. “The unparalleled insight of the BrightScope Rating gives other companies across the nation a benchmark of success in 401k performance that they should seek to achieve.”
Noteworthy findings in the 2013 Top 25 New York City 401k Plans list include:
Average account balance for plans listed is $303,634
98.06% is the average participation rate for plans on the list
Average company generosity for plans listed is $19,886; the median is $18,704
Average salary deferral for plans listed is $7,970; the median is $10,386
This year-s list was very competitive — a majority of plans ranked below 9th last year did not make an appearance on this year-s list
The lowest rating on this year was 86.39 compared to 84 in 2012
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Sullivan & Cromwell LLP – – 92.55
National Basketball Association – – 91.91
PMI Global Services, Inc. – – 90.24
Board of Trustees of NHL Pension Plan For Players of US Member Clubs – – 90.19
Simpson Thacher & Bartlett LLP – – 89.89
General Re Corporation – – 89.39
Assured Guaranty Corp. – – 89.37
Stroock & Stroock & Lavan LLP – – 88.91
Weil, Gotshal & Manges, LLP – – 88.40
Credit Suisse Securities USA LLC – – 88.31
TD Securities USA LLC – – 87.39
Shearman & Sterling LLP – – 87.23
D.E. Shaw & Company, L.P. – – 87.22
Eisai Corporation of North America – – 87.19
Emergency Medical Associates – – 87.14
Bristol-Myers Squibb Company – – 87.01
Skadden, Arps, Slate, Meagher & Flom, LLP – – 86.86
IBM (International Business Machines) – – 86.71
Jennison Associates, LLC – – 86.67
Swiss Re America Holding Corporation – – 86.65
Bessemer Trust Company – – 86.63
BASF Corporation – – 86.58
Hoffmann – La Roche Inc. – – 86.58
Ernst & Young U.S. LLP – – 86.55
Ford Foundation – – 86.39
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 nearly 50,000 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.
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 more than 46,000 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 .
Jen Harding
Atomic PR for BrightScope
415-593-1400