Best 401k Plans

By: Nicole Nelson

401k plans can be a great help when planning for retirement. A 401k is a plan that when an employee takes part in, they defer income taxes on the money saved. Employers that offer these plans have the choice to match a portion or all of the employee’s contributions. A company that offers employees the choice of enrolling in a 401k plan, is a great benefit that potential employees should consider when researching companies and jobs. Recently, Brightscope who is a company that provides independent retirement plan ratings has released its first ever top 30 rating list of 401k plans of companies that have more than $1 billion in assets. Topping this list includes Saudi Arabian Oil, Bank of New York Mellon, Southwest Airlines, Nucor and FedEx. Other recognizable companies that made the list include ExxonMobil, Pfizer, Nokia, Charles Schwab, IBM, Microsoft and UBS. These companies were ranked on criteria such as participation rate, default rate, fees and employer match. Over the years this company has rated more than 26,000 plans. This has included more than 30 million workers and over $1.9 trillion in assets. Although working for a company on this list is great in terms of 401k, 401k’s are not the only thing that should be considered when completing a job search and planning for retirement. It is the combination of a good 401k, personal savings and other retirement planning that makes a good retirement plan.

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