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Law Firm Tops List of Best 401(k) Plans
BrightScope has compiled a list of the best companies to work for when it comes to 401(k) benefits, according to Benefits Pro. They compiled a list of 30 companies. At the top of the list is the law firm of Sullivan & Cromwell, which is headquartered in New York.
BrightScope named this company as the number one company on the list because of what the plan offers employees. The plan has low fees, high participation, the financial generosity of the company, and the size of the accounts of the participants. Another well-known company, UPS, made the list.
The remainder of the top five on the list from BrightScope are North American Partners in Anesthesia of Melville, N.Y.; Oregon Anesthesiology Group of Portland; Frontier Refining & Marketing Inc. of Denver; and O’Melveny & Myers. O’Melveny & Myers is a law firm that operates offices in 16 countries.
“Generosity is an important means for companies to recruit and retain top employees,” said Brooks Herman, head of Data & Research at BrightScope. “Its importance is exemplified by the fact that half of the companies on this list have been on one or more other BrightScope rankings this year, and several more have been featured in years past.”
There are four main reasons why the companies made this list. They are generosity, vesting, participation and contributions.
Six of the companies offer plans that vest completed on the day that the employee starts work.
When it comes to generosity, the average account balance for plans on the list comes in at $470,014.
For plans on the BrightScope list, the average rate of participation comes in at 96.5 percent.
The average financial contribution made by companies on the list comes in at $31,181.Law Firm Tops List of Best 401(k) Plans by Jim Vassallo