Who takes the top spot in 401(k) plan offerings and participation? Who needs help getting up to speed? On Thursday, BrightScope released its list of the industries that rank highest.
“Although there is still work to be done, BrightScope has seen an increase in average plan rating across industries which shows employers of all types are making a conscious effort to help employees prepare for retirement,” Brooks Herman, head of data and research at the San Diego-based research firm, said in a statement.
Noteworthy findings in the 2015 Top Industries List include:
- Law remains the most dominant industry, remaining No. 1 for three years in a row, while Utilities, Mining, Technology and Airlines round out the top five industries for third year in a row
- Top funds by total distribution held in the Top Industries 401k plans are (fund – Plan Count across industries – assets):
- 1. Vanguard Institutional Index – 108 – $6.27M
- 2. PIMCO Total Return – 202 – $4.56M
- 3. American Funds EuroPacific Growth – 102 – $1.73M
- 4. Fidelity Growth Company – 23 – $1.68M
- 5. Vanguard Total Bond Market Index – 107 – $1.52M
Top industries with the highest ranked 401(k) plans containing more than $100 million in assets:
(Industry – Number of 401(k) Plans Evaluated – BrightScope Rating)
- Law – 222 – 83.49
- Utilities – 109 – 78.65
- Mining, Quarrying, and Oil and Gas Extraction – 71 – 77.95
- Airlines – 49 – 76.26
- Technology – 239 – 75.87
- Professional, Scientific, and Technical Services – 220 – 75.84
- Business and Finance – 473 – 75.39
- Manufacturing – 1,084 – 73.76
- Management of Companies and Enterprises – 134 – 71.10
- Information – 82 – 70.68
- Wholesale Trade – 173 – 70.44
- Automotive – 27 – 70.07
- Real Estate and Rental and Leasing – 47 – 69.31
- Other – 59 – 68.07
- Health & Medicine – 312 – 67.38
- Construction – 189 – 67.19
- Transportation and Warehousing – 84 – 67.13
- Arts & Entertainment – 30 – 65.84
- Education – 40 – 64.91
- Administrative and Support and Waste Management and Remediation Services – 52 – 63.31
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
