BrightScope has released its annual year-end ranking of the 30 best 401(k) plans with more than $1 billion in assets.
There have been some moves since last year's list–some up, some down–and nine new honorees never-before on the list.
Overall, BrightScope finds that 401(k) plan quality has steadily increased. The average BrightScope rating of plans on the list is up to 88.47 compared to an average rating of 87.1 for plans on the 2011 list.
BrightScope uses an algorithm of more than 200 data points to calculate the rating for each 401(k) plan.
The data points, which cover broad categories such as total plan cost, company generosity and investment menu quality, are obtained directly from plan sponsors and record keepers and from publicly available sources such as the Department of Labor and the Securities and Exchange Commission.
“This is our seventh year compiling the Year-End Top 30 Ratings list, and yet again we see companies offer increasingly outstanding plans,” said Mike Alfred, CEO & co-founder of BrightScope, in a statement. “It's encouraging to see the average plan rating continue to improve, demonstrating employers recognize the importance a high quality 401(k) plan plays in helping employees retire with dignity.”
Through its analysis, Brightscope also finds that participation rates have slowed to 96%, down nearly 1% year-over-year.
Average account balances represented have also decreased by nearly $10,000 since the Top 30 List of 2014, although this does not refer to drops or decreases in participation.
BrightScope also finds that salary deferrals per participant are higher this year – with the average more than $13,781, growing from $13,572.
Here is the entire list of the 2015 Top 30 401k Plans with more than $1 billion in assets:
30. Allergan, Inc. Savings and Investment Plan
2014 Rank: N/A
Headquarters: Irvine, California BrightScope Rating: 87.18
29. Federal National Mortgage Association Retirement Savings Plan for Employees
2014 Rank: 27
Headquarters: Washington, DC BrightScope Rating: 87.26
28. The 401(k) Savings and Profit Sharing Plan of McGraw-Hill Financial, Inc. and its Subsidiaries
2014 Rank: N/A
Headquarters: New York BrightScope Rating: 87.31
27. Bristol-Myers Squibb Company Savings and Investment Program
2014 Rank: N/A
Headquarters: New York BrightScope Rating: 87.44
26. Sanofi U.S. Group Savings Plan
2014 Rank: N/A
Headquarters: Bridgewater, New Jersey BrightScope Rating: 87.46
25. Takeda Pharmaceuticals U.S.A., Inc. Savings and Retirement Plan
2014 Rank: N/A
Headquarters: Deerfield, Illinois BrightScope Rating: 87.53
24. BASF Corporation Retirement Savings Plan
2014 Rank: N/A
Headquarters: Florham Park, New Jersey BrightScope Rating: 87.56
23. Latham & Watkins 401(k) Savings and Profit Sharing Plan
2014 Rank: 17
Headquarters: Los Angeles BrightScope Rating: 87.56
22. Shell Provident Fund
2014 Rank: 26
Headquarters: Houston BrightScope Rating: 87.59
21. Phillips 66 Savings Plan
2014 Rank: 15
Headquarters: Houston BrightScope Rating: 87.68
20. Novartis Corporation Investment Savings Plan
2014 Rank: 30
Headquarters: New York BrightScope Rating: 87.88
19. Bayer Corporation Savings and Retirement Plan
2014 Rank: 9
Headquarters: Pittsburgh BrightScope Rating: 87.89
18. Google Inc. 401(K) Savings Plan
2014 Rank: 12
Headquarters: Mountain View, California BrightScope Rating: 88.07
17. Merrill Lynch & Co., Inc. 401(K) Savings & Investment Plan
2014 Rank: 14
Headquarters: Charlotte, North Carolina BrightScope Rating: 88.11
16. Pfizer Savings Plan
2014 Rank: N/A
Headquarters: Peapack, New Jersey BrightScope Rating: 88.12
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Emily Zulz
Emily joined the ThinkAdvisor team as a reporter in the summer of 2014. She previously worked as a reporter for The Daily Journal in Kankakee, Illinois for a year and as a reporter and editor for The Daily Eastern News in Charleston, Illinois for two and a half years. Prior to joining ThinkAdvisor, Emily worked on Groupon’s editorial team in Chicago as a fact checker for three years. She graduated cum laude with a BA in journalism from Eastern Illinois University, and she has been the recipient of two journalism awards for her news reporting at daily newspapers.
