Top 25 Charlotte Area Companies with the Best 401k Plans

Today we’re announcing our ranking of Charlotte area companies with the highest rated 401k plans containing more than $50 million in assets.

“Businesses in Charlotte have some of the best vesting schedules we’ve seen in over a year, and the top ten alone offer immediate vesting for employee plans,” said Brooks Herman, Head of Data & Research at BrightScope. “North Carolina companies are working hard to give their employees the best options, and helping them build towards a stable financial future.”

Noteworthy findings in the 2015 Top 25 Charlotte Area 401k Plans list include:

  • On top: Robinson, Bradshaw & Hinson, P.A. returns at No. 1 for the second year in a row by continuing to improve their BrightScope rating year over year.
  • Warm Welcome: Bank of America Corporation, with two plans on the list at No. 1 and No. 19, respectively, BSN Medical Inc., No. 13, Charlotte Radiology, P.A., No. 24, Piedmont HealthCare, P.A., No. 20, all join the ranking for the first time this year.
  • Vesting matters: All of Charlotte’s top ten plans have an immediate vesting schedule for employees.
  • Average account balance for plans listed is $146,155
  • Average participation rate for plans on the list is 94.4 percent
  • Average company generosity for plans listed is $6,556; the median is $5,500
  • Average salary deferral for plans listed is $6,614; the median is $6,671

Top 401k plans in Charlotte

Rank Company Name Plan Name BrightScope Rating
1 Robinson, Bradshaw & Hinson, P.A. Robinson, Bradshaw & Hinson, P.A. Profit-Sharing Plan 88.36
2 Bank of America Corporation Merrill Lynch & Co., Inc. 401(K) Savings & Investment Plan 87.71
3 Moore & Van Allen PLLC Moore & Van Allen PLLC 401(k) Profit Sharing Plan 86.35
4 Parker Poe Adams & Bernstein LLP Parker Poe Adams & Bernstein LLP 401(k) Profit Sharing Plan and Trust 85.27
5 Rexam, Inc. Rexam Retirement Savings Plan 85.21
6 Arrowood Indemnity Company The 401(k) Plan of Arrowood Indemnity Company 84.68
7 Cogentrix Energy Power Management, LLC Cogentrix Retirement Savings Plan 83.11
8 CommScope, Inc. CommScope, Inc. Retirement Savings Plan 81.81
9 Clariant Corporation Clariant Investment Plan 80.36
10 Horizon Lines, LLC Horizon Lines Savings and Investment Plan 80.35
11 Ingersoll-Rand Company Ingersoll-Rand Company Employee Savings Plan (ESP) 80.06
12 Enpro Industries, Inc. Enpro Industries, Inc. Retirement Savings Plan For Salaried Employees 79.86
13 BSN Medical Inc. BSN Medical, Inc. Savings & Investment Plan 79.43
14 Premier Healthcare Solutions, Inc. Premier Healthcare Solutions, Inc. Retirement Savings Plan 79.07
15 OrthoCarolina, P.A. OrthoCarolina, P.A. 401(k) Profit Sharing Plan 78.79
16 Florida Progress Corporation Savings Plan for Employees of Florida Progress Corporation 78.64
17 Fairpoint Communications, Inc. Fairpoint Communications Northern New England Savings and Security Plan for Associates 78.38
18 Babcock and Wilcox Investment Company The Babcock and Wilcox Company Thrift Plan 78.15
19 Bank of America Corporation The Bank of America 401k Plan 77.95
20 Piedmont HealthCare, P.A. Piedmont HealthCare, P.A. Employees’ 401(k) Plan and Trust 77.63
21 Daramic, LLC Polypore, Inc. Retirement Savings Plan 77.45
22 Nucor Corporation Nucor Corporation Profit Sharing And Retirement Savings Plan 76.84
24 Charlotte Radiology, P.A. Charlotte Radiology Profit Sharing Plan and Trust 76.20

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.