2022 Best in Class 401(k) Plans | Winner
National Grid
![Best in Class 401(k) Plans](https://si-interactive.s3.amazonaws.com/prod/plansponsor-com/wp-content/uploads/2019/02/14113631/2019-BIC-401k-Plans-Profile-logo-.png)
Plan name | National Grid |
Location | Brooklyn, N.Y. |
Asset size ($MM) | >$1 billion |
Participants | 17,500 |
Industry | Utilities |
Participation rate | 95% |
Average deferral rate | 12% |
# of funds offered | 10 |
Investment review | Yes |
True-up match | Yes |
Match vesting period | 3 years |
Eligibility | Within 3 months of employment |
Default deferral rate | 8% |
Default investment | Target-date Fund (all types) |
Automatic escalation | Yes - but participation is voluntary and participants must opt in to auto escalation |
Systematic withdrawals | Yes |
Fee equalization | No, and we have no plans to research this in the short-term |
Match Rate | 51%-99% of first 6% of salary |
% receiving full match | Vast majority (75% or more) |
Maximum employer contribution | 12% |
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 |