For the eighth year, data and analytics provider Brightscope has released its year-end ranking of the “Top 30 401(k) Plans List,” which recognizes companies with the best 401(k) plans containing more than $1 billion in assets.
Average plan ratings have been on the rise, Brightscope says, demonstrating “that America's employees and employers recognize how critical a high-quality 401(k) plan is to maintaining an acceptable standard of living in retirement.”
The list found, among other things, that target-date funds represent more than 10% of assets in the top 30 plans. In addition, index funds have increased 6% from last year and now make up nearly 41% of plan assets for the top 30.
The ranking also found that average participation rate in a top 30 plan is over 96%, the average salary deferral in a top 30 plan is more than $14,500 per participant, and the average company generosity among top 30 plans is more than $13,000 per participant.
Other noteworthy information revealed by the ranking included the top ranking of the Delta Pilots Plan, with a 92.6 rating, thanks to a total plan cost of 25 basis points, company generosity and salary deferrals.
The Bayer Corp. plan ranks 12 places higher than it did last year, pushed up by more than $3,700 in company generosity per participant and more than $3,000 in salary deferrals per participant.
Football players will likely be pleased to hear that the NFL Player Annuity Program is now on the list, thanks to its joining the NFL Player Second Career Savings Plan. Both plans are affiliated with the National Football League Players Association and the National Football League Management Council.
Also, the Federal National Mortgage Association Retirement Savings Plan for Employees has boosted its own standing from 29 to 21, with lower costs and higher salary deferrals and increased company generosity.
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