Among the 23 industries rated, blue collar industries such as manufacturing and automotive beat out health and medicine.
The top 10 industries with the highest ranked 401(k) plans containing more than $100 million in assets included:
- 1. Law;
- 2. Utilities;
- 3. Mining, quarrying, and oil and gas extraction;
- 4. Technology;
- 5. Airlines;
- 6. Professional, scientific and technical services;
- 7. Business and finance;
- 8. Manufacturing;
- 9. Automotive; and
- 10. Wholesale trade.
“The range of industries topping this list shows that employers of all types are taking necessary steps to set up employees for a secure retirement by providing a robust 401(k) plan,” said Brooks Herman, head of Data and Research for BrightScope. “We hope companies across the country are now inspired to evaluate the options available to workers and make positive changes that have the potential to make a huge impact to employees’ financial future over time.”
BrightScope’s 401(k) plan rating system was developed by the firm, in cooperation with academics and independent 401(k) fiduciaries. Analyzing more than 200 individual data points, BrightScope’s rating algorithm can calculate a single numerical score for each 401(k) plan in the country. The data points examined cover broad categories such as total plan cost, company generosity and investment menu quality.
The full list can be found here.