SAN DIEGO, CA--(Marketwire - Jun 7, 2012) - BrightScope (www.brightscope.com), a leading provider of independent financial information and investment research, today announced its second annual list of the top Philadelphia 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.
"We understand 401k plans can be one of the most effective and most confusing ways to help prepare for retirement which is why we're dedicated to provide a free, easy way for people to find information on their plan," said Dan Weeks, founder and COO of BrightScope. "We applaud the companies in Philadelphia for doing their part to guide employees toward a successful financial future."
Noteworthy findings in the 2012 Top 25 Philadelphia area-based 401k Plans list include:
- All companies' plans on the list have what is considered a "great" BrightScope rank. As a result, The Cozen O'Connor Profit Sharing Plan and Unisys Savings Plan dropped off this year's list
- By increasing its rating from 78 to 86, Blank Rome LLP increased rank from No. 8 on 2010's list to No.2 this year
- The Vanguard Group's rating has increased by more than six points, securing it the No. 6 spot for the second time
Company - Plan Name - BrightScope Rating
1. Saul Ewing LLP - The Saul Ewing Retirement Plan - 86.89
2. Blank Rome LLP - Blank Rome LLP Profit Sharing Plan - 86.06
3. AstraZeneca Pharmaceuticals LP - AstraZeneca Savings and Security Plan - 85.92
4. GlaxoSmithKline LLC - GlaxoSmithKline Retirement Savings Plan - 85.79
5. Hay Group, Inc. - Hay Group, Inc. Retirement and Capital Accumulation Plan - 85.40
6. The Vanguard Group, Inc. - The Vanguard Retirement and Savings Plan - 85.20
7. Pepper Hamilton LLP - Pepper Hamilton LLP Employee Savings Plan - 85.10
8. Cephalon, Inc. - Cephalon, Inc. 401(k) Profit Sharing Plan - 85.08
9. Ballard Spahr Andrews & Ingersoll, LLP - Ballard Spahr LLP 401(k) Plan for Partners & Employees - 84.93
10. Shire Pharmaceuticals, Inc. - Shire Pharmaceuticals, Inc. 401(k) Savings Plan - 84.83
11. Novo Nordisk, Inc. - Novo Nordisk, Inc. 401(k) Savings Plan - 84.66
12. Penn Mutual Life Insurance Company - Penn Mutual Retirement & Savings Plan - 84.37
13. Buckeye Pipe Line Services Company - Buckeye Pipe Line Services Company Retirement and Savings Plan - 84.35
14. Munich Reinsurance America, Inc. - Munich Reinsurance America, Inc. Savings Plan - 84.22
15. E. I. du Pont de Nemours and Company - DuPont Retirement Savings Plan - 84.16
16. SAP America, Inc. - SAP America, Inc. 401(k) Plan - 83.99
17. Foster Wheeler, Inc. - Foster Wheeler, Inc. 401(k) Plan - 83.91
18. Church & Dwight Co. - Church & Dwight Co., Inc. Savings and Profit Sharing Plan for Salaried Employees - 83.31
19. Duane Morris LLP - Duane Morris Retirement Plan - 82.87
20. NRG Affiliate Services, Inc. - NRG Affiliates Employee Savings Plan - 82.68
21. Air Products and Chemicals, Inc. - Air Products and Chemicals, Inc. Retirement Savings Plan - 82.34
22. Towers Watson Pennsylvania, Inc. - Towers Perrin 401(k) Savings Plan - 82.21
23. Drinker Biddle & Reath LLP - Drinker Biddle & Reath LLP Retirement Savings Plan II - 82.17
24. WorleyParsons Corporation - WorleyParsons Group 401(k) Plan - 82.11
25. Dow Jones & Company, Inc. - Dow Jones 401(k) Savings Plan - 81.64
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 nearly 50,000 401k plans, spanning more than 30 million workers and over $2 trillion in assets. 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 700,000 financial advisors and 45,000 advisory firms are available for free at www.brightscope.com.