BrightScope is pleased to share our third annual list of the top Washington D.C. area-based companies with the highest ranked 401k plans containing more than $100 million in assets.
“It is gratifying to observe the positive changes these Washington D.C. companies have made to their plans year over year,” said Dan Weeks, Co-Founder of BrightScope. “By tracking progress with the BrightScope 401k Ratings, we can see just how companies are focusing on the components that make up their plans in an effort to maximize their employees’ chance of a successful retirement.”
Noteworthy findings in the 2013 Top 25 Washington D.C. 401k Plans list include:
- Triumphant Return: Scitor Corporation, absent since 2010’s list (No. 5), has launched back onto this year’s list at the No. 2 spot
- Continued Improvement: From eighth place in 2010 to fifth in 2012, Covington & Burlington LLP continues to climb the list with a fourth place finish this year
- Average account balance for plans listed is $158,263
- 95.33% is the average participation rate for plans on the list
- Average company generosity for plans listed is $10,288; the median is $9,943
- Average salary deferral for plans listed is $10,220; the median is $10,255
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.
*DISCLAIMER: Ratings continually change as data is updated over time. Ratings should be viewed as a “snapshot in time.” To view current ratings information for a given plan click to view the company’s plan page. The rating on the plan page may not match the rating at the time of the release of the rankings.