Top 25 401k Plans in the Automotive Industry

We are pleased to share the Top 25 companies in the automotive industry with the highest ranked 401k plans containing more than $100 million in assets.  This is the seventh list in a new series where we highlight the strongest plans within leading industries across the nation.

“As one of the U.S’s larger industries, automotive companies carry much responsibility when it comes to ensuring their workers’ financial futures,” said Brooks Herman, Head of Data and Research for BrightScope. “When we look at companies with high ratings of this list, it’s encouraging – and fulfilling – to see such big companies making an effort to provide quality plans for the employees that make up such a large part of the workforce.”

Key statistics found on the list of automotive companies with the best 401k plans:

  • Average account balance for plans listed is $92,025
  • 84.91% is the average participation rate for plans on the list
  • Average company generosity for plans listed is $2,580; the median is $2,438
  • Average salary deferral for plans listed is $5,326; the median is $5,063

Rank

Company

Plan Name

BrightScope Rating

1 General Motors LLC General Motors Retirement Savings Plan for Salaried Employees in the United States 82.54
2 Harley-Davidson Motor Company Group, LLC Harley-Davidson Retirement Savings Plan for Salaried Employees 82.02
3 Daimler Trucks North America L.L.C. Daimler Trucks North America L.L.C. Employee Retirement Savings Plan 81.09
4 Ford Motor Company Ford Motor Company Savings and Stock Investment Plan for Salaried Employees 80.14
5 Mercedes-Benz U.S. International, Inc. Mercedes-Benz U.S. International, Inc. Retirement and Savings Plan 79.10
6 Navistar, Inc. Navistar, Inc. Retirement Accumulation Plan 75.61
7 Nissan North America, Inc. and its Affiliates Nissan Employee 401(k) Plan 75.46
8 Volvo Group North America, LLC Volvo Group North America Voluntary Investment Pretax Plan 75.15
9 ArvinMeritor, Inc. ArvinMeritor, Inc. Savings Plan 74.90
10 American Honda Motor Company, Inc. American Honda Savings Plan 74.64
11 PACCAR, Inc. PACCAR, Inc. Savings Investment Plan 73.95
12 Toyota Motor Engineering & Manufacturing North America, Inc. Toyota Motor Engineering & Manufacturing Salaried 401(k) Plan and Trust 72.23
13 Subaru of Indiana Automotive, Inc. SIA Retirement Plan 71.66
14 Harley-Davidson Motor Company Group, LLC Harley-Davidson Retirement Savings Plan for Milwaukee and Tomahawk Hourly Bargaining Unit Employees 71.53
15 Honda of America Manufacturing, Inc. Honda Manufacturing 401(k) Savings Plan 71.02
16 Oshkosh Corporation Oshkosh Corporation and Affiliates Tax Deferred Investment Plan 69.06
17 Chrysler Group LLC Chrysler Group LLC Salaried Employees’ Savings Plan 67.28
18 General Motors LLC General Motors Personal Savings Plan for Hourly-Rate Employees in the United States 65.46
19 Navistar, Inc. Navistar, Inc. 401(k) Plan for Represented Employees 64.68
20 Chrysler Group LLC Chrysler Group LLC Hourly Employees’ Deferred Pay Plan 62.63
21 Toyota Motor Engineering & Manufacturing North America, Inc. Toyota Motor Engineering & Manufacturing Salaried Money Purchase Pension Plan and Trust 61.79
22 Ford Motor Company Ford Motor Company Tax-Efficient Savings Plan for Hourly Employees 61.74
23 Winnebago Industries, Inc. Winnebago Industries, Inc. Profit Sharing and Deferred Savings & Investment Plan 60.17
24 Daimler Trucks North America L.L.C. Daimler Trucks North America, L.L.C. UAW Retirement Savings Plan 57.35
25 Mitsubishi Motors North America, Inc. – Manufacturing Division Mitsubishi Motors North America, Inc. – Manufacturing Division 401(k) Savings Plan for Associates 54.63

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.

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