We are pleased to share BrightScope’s 2013 list of companies in the Chicago area with the highest ranked 401k plans containing more than $100 million in assets.
“Chicago’s highest-scoring plans continue to be among the country’s highest ranked, showing strong plans over a range of industries,” said Dan Weeks, Co-Founder of BrightScope. “The employees of these ‘Windy City’ companies can feel confident in their financial futures, knowing their employers continue to offer what’s needed to help prepare for a comfortable retirement.”
Noteworthy findings in the 2013 Top 25 Chicago 401k Plans list include:
- First Appearances: Citadel LLC (# 9), SSAB Enterprises, LLC (# 14), SSI (U.S.), Inc. d/b/a Spencer Stuart (# 16), Baker & McKenzie LLP (# 20), and Griffith Laboratories, Inc. (# 24) enter the rankings this year
- Greatest Leap: Tellabs, Inc. jumps 7 spots from #12 up to #5 this year
- Largest Drop: Takeda Pharmaceuticals North America, Inc. slid 11 spots from #6 to #17
- Average account balance for plans listed is $165,128
- 94.67% is the average participation rate for plans on the list
- Average company generosity for plans listed is $10,609; the median is $10,337
- Average salary deferral for plans listed is $9,416; the median is $9,366
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.