SAN DIEGO, CA--(Marketwire - Aug 30, 2012) - BrightScope (www.brightscope.com), a leading provider of independent financial information and investment research, today announced its second round list of the top Hartford area-based companies with the highest ranked 401k plans containing more than $100 million in assets. This year BrightScope has extended the list to include the top 25 companies.
BrightScope obtains an increasing amount of its data directly from plan sponsors and record keepers, and augments these primary sources with data from publicly available sources such as the Department of Labor and the Securities and Exchange Commission. By analyzing and interpreting this data, BrightScope provides unprecedented transparency into the 401k industry.
"Before the BrightScope Rating, the financial management industry had historically lacked global benchmarking because the ability to measure plan performance and efficiency was too cumbersome and inaccessible," said Dan Weeks, founder and COO of BrightScope. "The BrightScope Rating is the solution to the previous opaqueness of the wealth management sphere, which gives companies -- like those on the Hartford-based list -- the ability to create valuable, high performance plans that help their employees achieve a successful and dignified retirement."
Noteworthy findings in the 2012 Top 25 Hartford 401k Plans list include:
- Newcomer George Weiss Associates, Inc. takes the No. 1 spot, pushing down The Phoenix Companies, Inc. to No. 2
- 9 out of the 10 companies from last year's list made a second appearance on this list, except for previous No. 9, The Commerce Group, Inc. The company was acquired and renamed MAPFRE USA Corp in 2010, which appears on this year's list as No. 25.
- Only 1 company moved up in rank: Day Pitney LLP moved up one spot from No. 5 to No. 4.
- Drop in rank: 8 of the previous 10 companies dropped at least one spot in this year's list, most notably -- General Electric Company fell 2 places from 3rd to 5th; Webster Financial Corporation dropped 8 places from No. 7 to No. 15; Praxair, Inc. slipped 3 ranked from No. 4 to No. 7 and The United Illuminating Company moved down 4 spots from No. 2 to No. 6, among others.
- Necomers: ALSTOM, Inc. (No. 3), United Technologies Corporation (No. 8), Chemtura Corporation (No. 9), Barnes Group Inc. (No. 16), Stanley Black & Decker, Inc. (No. 20) and Hubbell Incorporated (No. 22), among others.
Company - Plan Name - BrightScope Rating
1. George Weiss Associates, Inc. - George Weiss Associates, Inc. Profit Sharing Plan - 91.57
2. The Phoenix Companies, Inc. - The Phoenix Companies, Inc. Savings and Investment Plan - 85.12
3. ALSTOM, Inc. - ALSTOM, Inc. 401(k) Plan - 81.88
4. Day Pitney LLP - Day Pitney Profit Sharing and 401(k) Plan - 81.69
5. General Electric Company - GE Savings and Security Program - 80.34
6. The United Illuminating Company -The United Illuminating Company 401(k)/Employee Stock Ownership Plan - 80.23
7. Praxair, Inc. - The Praxair Retirement Savings Plan - 78.38
8. United Technologies Corporation - United Technologies Corporation Employee Savings Plan - 77.70
9. Chemtura Corporation - Chemtura Corporation Employee Savings Plan - 76.49
10. Massachusetts Mutual Life Insurance Company - MassMutual Thrift Plan - 75.50
11. Hartford Fire Insurance Company - The Hartford Investment and Savings Plan - 75.10
12. United Technologies Corporation - UNITED TECHNOLOGIES CORPORATION REPRESENTED EMPLOYEE SAVINGS PLAN - 73.88
13. Northeast Utilities Service Company - Northeast Utilities Service Company 401(k) Plan - 73.66
14. Legrand Holding, Inc. - Legrand North America 401(k) Savings and Retirement Plan - 73.15
15. Webster Financial Corporation - Webster Bank Retirement Savings Plan - 72.96
16. Barnes Group Inc. - Barnes Group, Inc. Retirement Savings Plan - 72.64
17. Smith & Wesson Corporation - Smith & Wesson Corporation Profit Sharing and Investment Plan - 71.71
18. TRC Companies, Inc. - TRC 401(k) Retirement and Savings Plan - 71.18
19. People's United Financial, Inc. - People's United Bank 401(k) Employee Savings Plan - 71.12
20. Stanley Black & Decker, Inc. - Stanley Account Value Plan - 70.51
21. Connecticut Carpenters Annuity Fund - Connecticut Carpenters Annuity Fund - 69.31
22. Hubbell Incorporated - Hubbell Incorporated Employee Savings & Investment Plan - 69.18
23. Aetna Inc. - Aetna 401(k) Plan - 68.56
24. Magellan Health Services, Inc. - Magellan Health Services, Inc. Retirement Savings Plan - 68.37
25. Mapfre USA Corp. - Mapfre USA Corp. Profit Sharing & 401(k) Savings Plan - 67.96
BrightScope's 401k plan Rating was developed by BrightScope, Inc. with the help of leading academics and independent 401k fiduciaries. Analyzing more than 200 individual data points, the BrightScope Rating algorithm can calculate a single numerical score for each 401k plan in the country. The data points examined cover broad categories such as total plan cost, company generosity and investment menu quality.
BrightScope has rated more than 46,000 retirement plans, spanning 30 million workers and $2 trillion in assets, and provided information on more than 770,000 financial advisors. Industry adoption of the BrightScope Rating will lead to more cost-effective plans, increased participation rates, higher employee satisfaction and better outcomes for the 60 million employees who depend on their 401k plan for retirement.
BrightScope is a financial information company that brings transparency to opaque markets through independent research and analysis. Delivered through web-based software, BrightScope data drives better decision-making for individual investors, corporate plan sponsors, asset managers, broker-dealers, and financial advisors. The BrightScope Rating™, developed in partnership with leading independent 401k fiduciaries, reviews more than 200 unique data inputs per plan and calculates a single numerical score which defines plan quality at the company level. In April 2011, the company launched BrightScope Advisor Pages™, the first comprehensive and publicly available directory of financial advisors designed to help consumers discover information and conduct due diligence on wealth management professionals. BrightScope also markets a suite of data analytics software products to Fortune 1000 companies, asset managers, broker-dealers, financial advisors, and other market participants. Public ratings for more than 46,000 retirement plans as well as rating definitions, criteria and methodologies, and information on more than 770,000 financial advisors and nearly 45,000 advisory firms are available for free at www.brightscope.com.