401k Brightscope Rating

[StormRichards]

Does your 401k have a Brightscope rating? If so, what is it?

My plan has a rating of 80

https://www.brightscope.com/

[StormRichards]

For the average 401k participant, the 10 point difference between this plan's BrightScope Rating (80) and the top rated plan (90) could equate to:

7 ADDITIONAL YEARS OF WORK

$122,014 LOST SAVINGS

[disneysteve]

It looks like the rating is based on a number of factors that are beyond the control of the company like participation rate and account balances. Of course, how well your 401k does is largely determined by how much you put in and how you invest it.

It looks like the plan at my part time job has a 66 rating but that's 1,000% better than what I've had for the past 23 years which is no plan at all.

[Jluke]

mine is rated 87...

so 2 additional years of work and 42k loss savings when compared to a score of 90.


.

[disneysteve]

Of course, your job only offers one 401k plan. Either you participate or you don't. It's not like you can shop around and choose a better plan somewhere else.

[StormRichards]

I would love to see my employer's historical rating. Pretty sure it would have been much closer to the 90. Several years ago when they made changes they pretty much told employees that it wasn't sustainable to have one of the top plans. We were told that the company was going to focus on being consistent with what our peers are doing.

Makes sense from a corporate standpoint, but it was a complete contradiction with what our motto was at the time. They had to change that because of all the take backs they were implementing.

[StormRichards]

Of course, your job only offers one 401k plan. Either you participate or you don't. It's not like you can shop around and choose a better plan somewhere else.

No, but it can definitely be a factor when you are looking for a job.

For some, they may have that ability to be selective and factor in the 401k plan. For many of course, finding a job with a decent wage is enough of a hurdle as it is.

[disneysteve]

No, but it can definitely be a factor when you are looking for a job.

For some, they may have that ability to be selective and factor in the 401k plan. For many of course, finding a job with a decent wage is enough of a hurdle as it is.

I would put the retirement plan near the bottom of the list of factors to consider when looking for a job. When I chose to work at the place where I now have a 401k, the structure of the plan itself wasn't a factor at all. I knew there was a plan and that I would be eligible for it. That was good enough for me.

I wouldn't advise making the 401k a significant factor in a decision since that's something that can change at any time.

[puck36]

For the average 401k participant, the 41 point difference between this plan's BrightScope Rating (50) and the top rated plan (91) could equate to:

21
ADDITIONAL YEARS OF WORK

254,594
LOST SAVINGS

[StormRichards]

I would put the retirement plan near the bottom of the list of factors to consider when looking for a job. When I chose to work at the place where I now have a 401k, the structure of the plan itself wasn't a factor at all. I knew there was a plan and that I would be eligible for it. That was good enough for me.

I wouldn't advise making the 401k a significant factor in a decision since that's something that can change at any time.

It shouldn't be ignored either. My company has multiple competitors in our area. Compensation, paid time off, 401k, etc. are all basically the same among these competitors. However, if they weren't it would make sense to seek employment at the company with the best of these things, including 401k plan.

Location and commute are basically the same no matter which company I work for.

[StormRichards]

For the average 401k participant, the 41 point difference between this plan's BrightScope Rating (50) and the top rated plan (91) could equate to:

21
ADDITIONAL YEARS OF WORK

254,594
LOST SAVINGS

Yikes. You have a plan rating of 50?

[scfr]

My employer's 401(k) plan is rated 78.
Fortunately, it only accounts for a small portion of our tax-deferred savings. The rest is in plans that we control (for the self-employed, plus misc. IRAs).

If I ever leave this employer I will roll the 401(k) over in a heartbeat.

[phantom]

My plan has a score of 74. My husband's plan has a score of 63.

My husband was complaining about the fees his plan charges just a few days ago. I think he said it was 0.1% a year with a minimum of $1/month and a max of $35/month. The weird thing is, his plan has the best possible rating for fees.

[puck36]

Yikes. You have a plan rating of 50?

I guess

[AJ444]

76, I work for a mid sized private company.

The only suitable low cost index fund is the Vanguard S&P500, I balance Total International/Total US bond with my IRA.