2022 Best in Class 401(k) Plans | Winner
BNY Mellon
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Plan name | BNY Mellon |
Location | New York, N.Y. |
Asset size ($MM) | >$8 billion |
Participants | 44,000 |
Industry | Financial services |
Participation rate | 95% |
Average deferral rate | 10% |
# of funds offered | 20 |
Investment review | Yes |
True-up match | Yes |
Match vesting period | 3 years |
Eligibility | Immediately upon hire |
Default deferral rate | more than 6% |
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 |
Match Rate | 51%-99% of first 6% of salary |
% receiving full match | Not Reported |
Maximum employer contribution | 7%-9% |
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 | Voya Financial |