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
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.