2022 Best in Class 401(k) Plans | Winner
Boston Scientific Corporation
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Plan name | Boston Scientific Corporation |
Location | Marlborough, Mass. |
Asset size ($MM) | $5.5 B |
Participants | 29,900 |
Industry | Medical devices |
Participation rate | 95% |
Average deferral rate | 8% |
# of funds offered | 15 |
Investment review | Yes |
True-up match | No |
Match vesting period | Immediately upon enrollment |
Eligibility | Immediately upon hire |
Default deferral rate | 2% |
Default investment | Target-date Fund (all types) |
Automatic escalation | Yes - participants are defaulted into auto escalation at time of enrollment unless they opt out; all other participants can opt in at any time |
Systematic withdrawals | Yes |
Fee equalization | No, and we have no plans to research this in the short-term |
Match Rate | 100% of first 6% of salary |
% receiving full match | More than average (more than 50% but less than 75%) |
Maximum employer contribution | 6% |
Financial Education | |
Saving/Budgeting | Yes |
Investing strategies | Yes |
College saving | Yes |
Credit/Debt management | Yes |
Tax/Estate planning | Yes |
Retiree health costs/savings options​ | Yes |
Recordkeeper | Vanguard |