This news item original appear on WealthManagerWeb.com on 12/8.
While many Americans must rely on themselves to save and invest for retirement in defined-contribution plans, some companies excel in supporting their employees with great 401(k) programs. Which companies do the best job? The answer to that question may be right here: BrightScope has announced its inaugural Year-End Top 30 Ratings List of the best 401(k) plans with $1 billion or more in assets.
The investment research and data analytics software firm has created the The BrightScope Rating, a quantitative rating system that analyzes 200-plus data points gathered from 401k record keepers and plan sponsors as well as public data from the Department of Labor and SEC. BrightScope developed the rating method in collaboration with "leading academics and independent 401(k) fiduciaries," and rates "each 401(k) plan in the country." BrightScope's rating metrics include "total plan cost, company generosity and investment menu quality," according to the December 8th announcement.
"These top 30 401(k) plans demonstrate the best of the best when it comes to fee structures, company generosity, participation rates, salary deferrals, and other quantitative factors," Mike Alfred, CEO and co-founder of BrightScope, stated in the release.
