SAN DIEGO, CA--(Marketwired - Jul 16, 2013) - BrightScope (www.brightscope.com), a leading provider of independent financial information and investment research, today announced its third annual list of the top Houston area-based companies with the highest ranked 401k plans containing more than $100 million in assets.
BrightScope obtains an increasing amount of its data directly from plan sponsors and record keepers, and augments these primary sources with data from publicly available sources such as the Department of Labor and the Securities and Exchange Commission. By analyzing and interpreting this data, BrightScope provides unprecedented transparency into the 401k industry.
"Houston's top 401k plans, while impressive in the past, keep getting better year over year -- now we see higher ratings from the top to bottom of this prestigious list," said Dan Weeks, Co-Founder of BrightScope. "A secure financial future for employees becomes ever more feasible when employers make the types of improvements to plans that we are observing from Houston-based companies."
Noteworthy findings in the 2013 Top 25 Houston 401k Plans list include:
- First Appearances: Marathon Oil Company (No. 1), BHP Holdings International, Inc. (No. 4), Plains Exploration and Production Company (No. 7), Chevron Phillips Chemical Company LP (No. 18), and CGGVeritas Services (U.S.) Inc. (No. 25) enter the rankings this year
- No Shows: Bracewell & Giuliani, LLP, Dynegy Inc., Vinson & Elkins LLP, Calpine Corporation, and Vallourec & Mannesmann Holdings Inc. which appeared on the previous list (in spots 12, 15, 19, 22, and 23, respectively), did not make this year's ranking
- Average account balance for plans listed is $218,069
- 90.13% is the average participation rate for plans on the list
- Average company generosity for plans listed is $10,086; the median is $9,271
- Average salary deferral for plans listed is $11,472; the median is $10,559
Company - Plan Name - BrightScope Rating
1. Marathon Oil Company - Marathon Oil Company Thrift Plan - 91.69
2. Saudi Arabian Oil Company - The Savings Plan of Saudi Arabian Oil Company - 90.87
3. GenOn Energy Services, LLC - GenOn Energy Savings Plan - 88.94
4. BHP Holdings International, Inc. - BHP USA Retirement Savings Plan - 88.87
5. Greater Houston Anesthesiology, P.A. - Greater Houston Anesthesiology, P.A. 401(k) Profit Sharing Plan - 88.39
6. Diamond Offshore Management Company - Diamond Offshore 401(k) Plan - 87.34
7. Plains Exploration and Production Company - Plains Exploration and Production Company 401(k) Plan - 87.00
8. Exxon Mobil Corporation - ExxonMobil Savings Plan - 86.88
9. Anadarko Petroleum Corporation - Anadarko Employee Savings Plan - 86.47
10. BP Corporation North America, Inc. - BP Employee Savings Plan - 86.26
11. Shell Oil Company - Shell Provident Fund - 86.13
12. Continental Airlines, Inc. - Continental Pilots Defined Contribution Plan (B-Plan) - 85.52
13. Baker Botts, LLP - Baker Botts LLP 401(k) and Savings Plan - Plan A - 85.49
14. Baker Botts, LLP - Baker Botts LLP 401(k) and Savings Plan - Plan B - 85.20
15. El Paso Corporation - El Paso Corporation Retirement Savings Plan - 84.81
16. BP Corporation North America, Inc. - BP Capital Accumulation Plan - 84.66
17. CITGO Petroleum Corporation - CITGO Petroleum Corporation Employees Retirement and Savings Plan - 84.57
18. Chevron Phillips Chemical Company LP - Chevron Phillips Chemical Company LP 401(k) Savings and Profit Sharing Plan - 84.40
19. Fayez Sarofim & Co. - Fayez Sarofim & Co. Profit Sharing Plan - 84.29
20. Solvay America, Inc. - Solvay America Companies' Savings Plan - 84.27
21. Noble Energy, Inc. - Noble Energy, Inc. Thrift and Profit Sharing Plan - 83.88
22. BMC Software, Inc. - BMC Software, Inc. Savings and Investment Plan - 83.84
23. GDF SUEZ Energy North America, Inc. - GDF SUEZ Energy North America, Inc. 401(k) Plan - 83.75
24. INEOS USA, LLC - INEOS Retirement Savings Plan - 83.58
25. CGGVeritas Services (U.S.) Inc. - CGGVeritas 401(k) Profit Sharing Plan - 82.84
BrightScope's 401k plan Rating was developed by BrightScope, Inc. with the help of leading academics and independent 401k fiduciaries. Analyzing more than 200 individual data points, the BrightScope Rating algorithm can calculate a single numerical score for each 401k plan in the country. The data points examined cover broad categories such as total plan cost, company generosity and investment menu quality.
BrightScope has rated nearly 50,000 401k plans, spanning more than 30 million workers and over $2 trillion in assets. Industry adoption of the BrightScope Rating will lead to more cost-effective plans, increased participation rates, higher employee satisfaction and better outcomes for the 60 million employees who depend on their 401k plan for retirement.
BrightScope is a financial information company that brings transparency to opaque markets through independent research and analysis. Delivered through web-based software, BrightScope data drives better decision-making for individual investors, corporate plan sponsors, asset managers, broker-dealers, and financial advisors. The BrightScope Rating™, developed in partnership with leading independent 401k fiduciaries, reviews more than 200 unique data inputs per plan and calculates a single numerical score which defines plan quality at the company level. In April 2011, the company launched BrightScope Advisor Pages™, the first comprehensive and publicly available directory of financial advisors designed to help consumers discover information and conduct due diligence on wealth management professionals. BrightScope also markets a suite of data analytics software products to Fortune 1000 companies, asset managers, broker-dealers, financial advisors, and other market participants. Public ratings for more than 46,000 retirement plans as well as rating definitions, criteria and methodologies, and information on nearly 600,000 financial advisors and nearly 40,000 advisory firms are available for free at www.brightscope.com.