We are pleased to announce our 2013 list of the Top 25 401(k) plans (containing more than $100 million in assets) in the Pittsburgh area.
“Pittsburgh is home to nationally recognized manufacturers and consultants, many of which are included in the region’s top 10 list,” said Dan Weeks, Co-Founder of BrightScope. “These companies stand out not only because they supply the country with essential products and services, but also because they demonstrate that they value employees by providing the building blocks for a successful retirement.”
Noteworthy observations in this list include:
- First Appearance & Reappearance: HighMark debuted at #22 and PPG Industries returns to the list after three years off at #25
- Greatest Leap: Alcoa Inc. rocketed 8 spots from #19 up to #11 this year
- Largest Drop: Bechtel Corporation slid 10 spots from #3 to #13
- Average account balance for plans listed is $120,435
- 93.06% is the average participation rate for plans on the list
- Average company generosity for plans listed is $5,800; the median is $4,832
- Average salary deferral for plans listed is $7,074; the median is $6,941
Top 25 Pittsburgh Area companies with the highest ranked 401k plans containing more than $100 million in assets:
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 and 403b plans, spanning more than 57 million workers and over $3 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.