|By Marketwire .||
|August 16, 2012 09:00 AM EDT||
SAN DIEGO, CA -- (Marketwire) -- 08/16/12 -- BrightScope (www.brightscope.com), a leading provider of independent financial information and investment research, today announced its second annual list of the top Cleveland area-based companies with the highest ranked 401k plans containing more than $50 million in assets. This year BrightScope has extended the list to include the top 25 companies.
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.
"The BrightScope Rating delivers unparalleled transparency into the wealth management sphere, and in doing so, has successfully set a new industry standard for evaluating and benchmarking 401k performance across the country," said Dan Weeks, founder and COO of BrightScope. "It is evident that the Cleveland companies on this list are offering top quality, high performance plans that will ensure a secure and successful retirement for their employees."
Noteworthy findings in the 2012 Top 25 Cleveland 401k Plans list include:
- No Shows: The Cleveland Clinic Foundation was the only company from the previous top 10 list that did not make a second appearance on this year's list due to a lower rating of 73.2
- Top Ranks: Newcomers, Jones Day (Retirement Plan) and Fairmount Minerals, Ltd., take this year's No. 1 and No. 2 spots, pushing former 1st place holder, EMP Management Group, Ltd., to No. 3 and previous 2nd place holder, Garland Industries, Inc., to No. 6
- All of the companies that made a second appearance on this year's list fell at least one spot in the rankings, most notably: The Lubrizol Corporation fell 4 spots from 5th to 9th; Swagelok Company dropped 3 places from No. 8 to No. 11; FirstEnergy Corp. moved down 6 ranks from 6th to 12th; PolyOne Corporation slipped 6 places from 9th to 15th
- Notable Newcomers: Novelis Corporation (10th), THE GOODYEAR TIRE & RUBBER COMPANY AND CERTAIN SUBSIDARIES (13th), KeyCorp (17th), and The J.M. Smucker Company (23rd)
- Companies with more than one plan: Jones Day and Cliffs Natural Rescores Inc. each had two plans included on this year's list:
- Jones Day Retirement Plan (No. 1) and Jones Day Supplemental Savings Plan (No. 21)
- Cliffs Natural Resources, Inc.'s Northshore Mining Company and Silver Bay Power Company Retirement Savings Plan (No. 7) and Cliff's Natural Resources Inc. & Its Associated Employers Sal Employees Savings Plan (No. 20)
Company - Plan Name - BrightScope Rating
1. Jones Day - Jones Day Retirement Plan - 90.63
2. Fairmount Minerals, Ltd. - Fairmount Minerals, Ltd. Stock Bonus Trust & Plan - 90.08
3. EMP Management Group, Ltd. - Emergency Medicine Physicians Profit Sharing 401(k) Plan and Trust - 87.61
4. Calfee Halter & Griswold LLP - Calfee Halter & Griswold LLP Profit Sharing Trust and Plan - 84.94
5. Thompson Hine LLP - Thompson Hine LLP Retirement Plan - 84.12
6. Garland Industries, Inc - The Garland Industries, Inc. Employee Stock Ownership Plan & Trust - 83.81
7. Cliffs Natural Resources Inc. - Northshore Mining Company and Silver Bay Power Company Retirement Savings Plan - 82.96
8. Squire, Sanders & Dempsey L.L.P. - Squire Sanders Retirement Savings Plan - 82.61
9. The Lubrizol Corporation - The Lubrizol Corporation Employees' Profit Sharing and Savings Plan - 81.25
10. Novelis Corporation - Novelis Savings & Retirement Plan - 80.78
11. Swagelok Company - Swagelok Retirement Savings Plan - 79.13
12. FirstEnergy Corp. - FirstEnergy Corp. Savings Plan - 79.08
13. THE GOODYEAR TIRE & RUBBER COMPANY AND CERTAIN SUBSIDIARIES - THE GOODYEAR TIRE & RUBBER COMPANY EMPLOYEE SAVINGS PLAN FOR SALARIED EMPLOYEES - 78.35
14. GrafTech International Ltd. - GrafTech International Holdings Inc. Savings Plan - 78.26
15. PolyOne Corporation - PolyOne Retirement Savings Plan - 78.16
16. Parker-Hannifin Corporation - Parker Retirement Savings Plan - 76.67
17. KeyCorp - KeyCorp 401(k) Savings Plan - 76.66
18. STERIS Corporation - STERIS Corporation 401(k) Plan - 75.78
19. Ohio Farmers Insurance Company - Westfield Employee Retirement Savings Plan - 75.47
20. Cliffs Natural Resources Inc. - Cliffs Natural Resources Inc. & Its Associated Employers Sal Employees Savings Plan - 74.94
21. Jones Day - Jones Day Supplemental Savings Plan - 73.88
22. The Lincoln Electric Holdings, Inc. - The Lincoln Electric Company Employee Savings Plan - 73.74
23. The J.M. Smucker Company - The J.M. Smucker Company Employee Savings Plan - 73.57
24. Eaton Corporation - Eaton Savings Plan - 73.44
25. The Progressive Corporation and its Participating Subsidiaries - The Progressive 401(k) Plan - 73.39
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 more than 770,000 financial advisors and nearly 45,000 advisory firms are available for free at www.brightscope.com.
Atomic PR for BrightScope