We are pleased to announce our 2014 list of the Top 25 companies in the Detroit area with the highest ranked 401k plans containing more than $100 million in assets.
“The ratings of the top plans in Detroit show there are many employers in the area offering quality 401k plans despite the economic challenges faced by many in the region,” said Brooks Herman, Head of Data & Research at BrightScope. “It’s clear these Detroit companies care about the financial futures of their work force.”
Noteworthy findings in the 2014 Top 25 Detroit 401k Plans list include:
- New All-Star: Visteon Corporation rocketed to No. 1 from No. 9 in 2012, the year the list was last issued
- Welcome Back: Pulte Group, Inc. re-joined the list at No. 23, having fallen off in 2012
- Upward movement: Compuware Corporation Tax Department 14W jumped nine spots to No. 14, up from No. 23 in 2012
- Staying strong: Honigman Miller Schwartz and Cohn LLP, Miller Canfield Paddock & Stone, P.L.C., and General Motors LLC not only maintained their respective spots at No. 2, No. 3, and No. 5 this year, but also improved their BrightScope rating
- Average account balance for plans listed is $132,875
- Average participation rate for plans on the list is 90.30 percent
- Average company generosity for plans listed is $6,038; the median is $5,206
- Average salary deferral for plans listed is $8,228; the median is $7,905
Top 25 Detroit 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.