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December 17, 2014 at 10:00 AM
BrightScope on Wednesday released its list of the 30 top 401(k) plans with at least $1 billion in assets.
Among the wider findings of BrightScope’s report is that participation is up to almost 97% in the top 30 mega plans, up 1% over the 2013 list. Average salary deferrals are up to, increasing from $12,500 to over $13,600.
Consequently, average account balances increased nearly $50,000 over last year.
“We’ve seen average account balances, deferrals and participation rates steadily increase year over year and that continues with this sixth annual ranking of top 401(k) plans,” Mike Alfred, CEO and co-founder of BrightScope, said in a statement. “It’s encouraging to see the average plan rating also continue to improve, demonstrating employers recognize the importance a high-quality 401(k) plan plays in helping employees retire with dignity.”
In addition to employees’ efforts, employers are also working to improve outcomes, with the average total cost burden falling two basis points to 0.26%.
BrightScope rated 401(k) plans using an algorithm that takes into account over 200 data points like total plan cost, company generosity and investment menu quality. The company noted an increasing amount of data comes directly from plan sponsors and record keepers. Other data is drawn from publicly available sources like the Department of Labor and the Securities and Exchange Commission.
(Related: Top 15 States With Best 401(k) Participation Rates)
Check the following pages to see the 30 Best Big 401(k) plans with $1 billion or more in assets.
(Anadarka Petroleum Corp.’s headquarters in Woodlands, Texas. Photo: AP)
30. Novartis Corporation Investment Savings Plan
2013 Rank: 7
Headquarters: New York
BrightScope Rating: 86.39
29. Federal Express Corporation Pilots Retirement Savings Plan
2013 Rank: N/A
Headquarters: Memphis, Tennessee
BrightScope Rating: 86.49
28. Anadarko Employee Savings Plan
2013 Rank: 10
Headquarters: The Woodlands, Texas
BrightScope Rating: 86.50
27. Federal National Mortgage Association Retirement Savings Plan for Employees
2013 Rank: N/A
Headquarters: Washington, D.C.
BrightScope Rating: 86.53
26. Shell Provident Fund
2013 Rank: 23
Headquarters: Houston
BrightScope Rating: 86.56
(Virginia Rometty, chairwoman and CEO of IBM. Photo: AP)
25. Alcatel-Lucent Savings Plan
2013 Rank: N/A
Headquarters: Murray Hill, New Jersey
BrightScope Rating: 86.60
24. IBM 401(k) Plus Plan
2013 Rank: 16
Headquarters: Armonk, New York
BrightScope Rating: 86.62
23. S.C. Johnson & Son, Inc. Employees Deferred Profit Sharing and Savings Plan
2013 Rank: N/A
Headquarters: Racine, Wisconsin
BrightScope Rating: 86.69
22. Astrazeneca Savings and Security Plan
2013 Rank: 18
Headquarters: Wilmington, Delaware
BrightScope Rating: 86.72
21. Federal Home Loan Mortgage Corp Thrift/401(k) Savings Plan
2013 Rank: 22
Headquarters: Mclean, Virginia
BrightScope Rating: 86.76
(Verizon store workers. Photo: AP)
20. GlaxoSmithKline Retirement Savings Plan
2013 Rank: 27
Headquarters: Philadelphia
BrightScope Rating: 86.80
19. Verizon Savings Plan for Management Employees
2013 Rank: N/A
Headquarters: Basking Ridge, New Jersey
BrightScope Rating: 87.07
18. Marathon Oil Company Thrift Plan
2013 Rank: 24
Headquarters: Houston
BrightScope Rating: 87.19
17. Latham & Watkins 401(k) Savings and Profit Sharing Plan
2013 Rank: N/A
Headquarters: Los Angeles
BrightScope Rating: 87.24
16. Bechtel Trust & Thrift Plan
