PLANSPONSOR is pleased to announce its inaugural selection of companies for its Best in Class 401(k) Plans designation.
Recipients of the 2015 Best in Class 401(k) Plans designation were selected from more than 4,500 plans responding to PLANSPONSOR’s annual Defined Contribution (DC) Survey. 401(k) plans were evaluated and scored on more than 30 criteria related to plan design, oversight/governance, and participant outcomes.
The 2015 Best in Class 401(k) Plans are:
Arkansas Blue Cross Blue Shield
Black & Veatch
Bohannan Huston, Inc.
Bristol-Myers Squibb Company
The Cooper Companies
DENSO International America, Inc
Directed Account Plan
First National Bank Alaska
Francis Investment Counsel
Grange Mutual Casualty Company
Lancaster General Health
Land O’Lakes, Inc.
MDU Resources Group, Inc.
National Futures Association
North Shore-LIJ Health System
Portland General Electric
Providence Health & Services
Westinghouse Electric Company LLC
The companies will be recognized in person at the 2015 PLANSPONSOR National Conference in Chicago, during a main stage panel session with a group of winners to discuss how they built a top defined contribution program, and have been invited to a dinner in their honor on June 3rd.
Plans were required to have certain features in order to be considered. Examples of mandatory criteria include but are not limited to:
- above average participation rate,
- use of auto escalation,
- presence of an employer contribution of any type, and
- oversight from an investment committee.
Plans were then scored based on a proprietary scoring method that rewards plan characteristics connected to driving better participant outcomes (i.e., plans that provide immediate vesting of employer contributions received more points than plans with three-year vesting schedules). Plans totaling more than 90 points (out of 100) were designated as 2015 Best in Class 401(k) Plans.