By Hal M. Bundrick
NEW YORK (MainStreet) Thank your employer for offering a 401(k) retirement plan. It's a big deal. And if you work for one of the companies listed below, you're receiving the most generous benefits available in the U.S. BrightScope, the financial benefits research firm, says these companies "value setting their employees up for a strong financial future."
The research firm examined plan vesting schedules, eligibility periods and all contributions to the plan made by the company for the sole benefit of the plan's participants. Companies in professional services, science and technical fields dominated, representing half of all the plans listed.
Six of the top 10 plans allow immediate vesting: workers are fully vested from the first day of employment. The average account balance for plans on the "most generous companies" list is $470,014 much higher than the average balance of all plans within the BrightScope system ($99,061). The average amount a company contributes to each plan on the list is $31,181, compared to the plan average of $4,184. And the average participation rate is 96.49% -- compared to an average of 85.03%. "Generosity is an important means for companies to recruit and retain top employees," says Brooks Herman, head of data and 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." The 30 Most Generous Companies are: 1. Sullivan & Cromwell LLP - Retirement Plan of Sullivan & Cromwell LLP 2. North American Partners in Anesthesia, LLP - North American Partners in Anesthesia, LLP Profit Sharing Plan 3. Oregon Anesthesiology Group, P.C. - Oregon Anesthesiology Group, P.C. 401(k) Profit Sharing Plan 4. Frontier Refining & Marketing Inc. - Frontier Retirement Savings Plan 5. O'Melveny & Myers LLP - O'Melveny & Myers LLP Keogh Plan 6. Zeta Associates - Zeta Associates Incorporated Savings Plan 7. Shearman & Sterling LLP - Shearman & Sterling LLP Partners Retirement Plan 8. Anesthesia Service Medical Group, Inc. - Anesthesia Service Medical Group, Inc. 401(k) Profit Sharing Plan Trust 9. Cravath, Swaine & Moore LLP - Retirement Plan of Cravath, Swaine & Moore LLP 10. Bryan Cave LLP - Bryan Cave LLP Retirement Plan for Partners 11. Debevoise & Plimpton LLP- Retirement Plan for Lawyers of Debevoise & Plimpton LLP 12. Kay Scholer LLP - Kaye Scholer LLP Retirement Plan 13. Skadden, Arps, Slate, Meagher & Flom, LLP - Skadden, Arps, Slate, Meagher & Flom Retirement Plan 14. Deloitte LLP - Deloitte Profit Sharing Plan 15. United States Member Clubs of the National Hockey League - National Hockey League Pension Plan for Players of United States Member Clubs 16. Ernst & Young U.S. LLP - Ernst & Young Partnership Retirement Plan 17. Weil, Gotshal & Manges, LLP - Weil, Gotshal & Manges Partners' Target Pension Plan 18. Simpson Thacher & Bartlett LLP - Simpson Thacher & Bartlett LLP Supplemental Profit Sharing Plan for Partners 19. Jones Day - Jones Day Retirement Plan 20. Jennison Associates LLC - Jennison Associates Savings Plan 21. Duane Morris LLP - Duane Morris Retirement Plan 22. Dodge & Cox - Dodge & Cox Profit Sharing Plan & Trust 23. Sutter Medical Group, Inc. - Sutter Medical Group 401(k) Profit Sharing Plan 24. United Parcel Service Company - UPS/IPA Defined Contribution Money Purchase Pension Plan 25. Gould Medical Group, Inc. - Gould Medical Group, Inc. 401(k) Profit Sharing Plan and Trust 26. Garland Industries, Inc. - The Garland Industries, Inc. Employee Stock Ownership Plan & Trust 27. Tufts Medical Center Physicians Organization, Inc. - Tufts Medical Center Physicians Organization, Inc. 401(a) Retirement Plan 28. McMaster-Carr Supply Company - McMaster-Carr Supply Company Profit Sharing Trust 29. National Basketball Association - NBA-NBPA 401K Savings Plan 30. Northwest Permanente, P.C. - Northwest Permanente, P.C. Retirement Plan Money Purchase Pension Aspect --Written by Hal M. Bundrick for MainStreet
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