Brightscope, which provides retirement plan ratings and investment research, released its fourth annual Top 30 401(k) plans with more than $1 billion in assets.
Brightscope puts together its ratings list by analyzing information and more than 200 data points from plan sponsors and recordkeepers, and Department of Labor and the Securities and Exchange Commission. It then uses an algorithm to calculate a single numerical value for each 401(k) plan, covering areas like total plan cost, company generosity and investment menu quality.
Mike Alfred, CEO and co-founder of BrightScope, said in a statement, “It is clear that plan sponsors are effectively using quantitative tools like the BrightScope Rating to meaningfully improve their plans. Better plans lead to better outcomes for each and every participant who depends on their plan for a dignified retirement.”