Visteon snags top spot for second year running; Four new companies join the list
Today we announce the ranking of Detroit area companies with the highest ranked 401k plans containing more than $100 million in assets.
“It’s great to see Detroit companies stepping up to improve their offerings, with overall plan ratings and company generosity increasing from last year,” said Brooks Herman, Head of Data & Research at BrightScope. “Businesses are working hard to offer better retirement options for their employees, and people are responding by putting away more money for their futures, growing the average account balance nearly 14 percent in the last year.”
Noteworthy findings in the 2015 Top 25 Detroit Area 401k Plans list include:
- Staying on top: all five companies topping last year’s list appear in the top spots again, with Visteon Corporation stealing the No. 1 slot.
- Warm Welcome: T-Systems North America, Inc., No. 8, Amerisure Mutual Insurance Company, No. 15, Fives Machining Systems, Inc., and TriMas Corporation, No. 17, all join the ranking for the first time this year.
- Average account balance for plans listed is $151,442
- Average participation rate for plans on the list is percent 91.71 percent
- Average company generosity for plans listed is $6,017; the median is $5,082
- Average salary deferral for plans listed is $8,800; the median is $4,831
Top 25 Detroit area companies with the highest ranked 401k plans containing more than $100 million in assets:
Note: This data is accurate as of March 27, 2015.
BrightScope obtains an increasing amount of its data directly from plan sponsors and record keepers, and augments these primary sources with data from publicly available sources such as the Department of Labor and the Securities and Exchange Commission. By analyzing and interpreting this data, BrightScope provides unprecedented transparency into the 401k industry.
The BrightScope Rating was developed by BrightScope, Inc. with the help of leading academics and independent 401k fiduciaries. By analyzing more than 200 individual data points, the BrightScope Rating algorithm calculates a single numerical value for each 401k plan. 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. Learn more at brightscope.com/about.