Deloitte 401(k) plan tops BrightScope's NY list
By Paula Aven Gladych
Brightscope released its second annual list of the top New York City area companies with the highest ranked 401(k) plans containing more than $100 million in assets.
This year’s list includes 25 companies, including the top 10: Deloitte LLP, Novartis Pharmaceuticals Corp., Bristol-Myers Squibb Company, TD Securities USA, LLC, BASF Corp., Investment Technology Group, Inc., Ford Foundation, IBM, X.L. America, Inc., and Cytec Industries, Inc.
Brightscope, a provider of independent financial information and investment research, obtains an increasing amount of its data directly from plan sponsors and record keepers. It augments that information with SEC and Department of Labor data.
“It is great to see that nearly 90 percent of these plans are new members to this year’s list,” said
Bryan Lorenz, vice president of data at BrightScope. “New York City should be proud of the diversity and strength of these companies’ rankings. The difference between first and 25th is only six points, which means more companies are paying attention to improving the plans they offer employees for stable and confident financial futures.”
OppenheimerFunds, Inc.’s Capital Accumulation Plan dropped 10 spots to 12th place in 2012. IBM’s 401(k) Plus Plan ranked eighth on this list and came in at No. 22 on BrightScope’s 2011 Year-End Top 30 Ratings List.
The BlackRock, Inc. Retirement Savings Plan slipped to No. 19, compared to its No. 5 ranking in 2011, and AllianceBernstein L.P. Profit Sharing Plan for Employees dropped from sixth place last year to 22nd this year.
To arrive at its list, BrightScope analyzes more than 200 individual data points to calculate a single numerical score for each plan in the country. The data points examine broad categories, such as total plan cost, company generosity and investment menu quality.
The company has rated nearly 50,000 401(k) plans with more than 30 million workers and more than $2 trillion in assets.
Originally published on BenefitsPro.com