Three law firms rank in the top five in a new analysis of the best Cincinnati retirement plans by BrightScope, a San Diego-based research company that rates 50,000 plans nationwide.
BrightScope rates company retirement plans on more than 200 data points, examining such factors as total plan cost, company generosity and investment menu quality. It says the companies that rank at the top of its list will enable workers to retire earlier with more retirement savings than those with lower scores.
Taft Stettinius & Hollister ranked first on BrightScope’s list with scores in the top 15 percent of all plans nationwide in company contributions, the participation rate of employees and account balances of plan participants.
"It's a priority," said Thomas Terp, managing partner of the downtown-based law firm with 330 attorneys. "We have a committee of partners and professional advisors who review our menu of investment choices every single quarter. Their objective is to provide the every best possible choices in each of several asset classes. Then, a critical piece of the whole program is the education we provide for all of our plan participants."
“As one of the most powerful and popular retirement savings vehicles, the efficiency of 401k plans is increasingly important because most Americans rely heavily on them for future financial security,” said Dan Weeks, Co-Founder of BrightScope. “From pharmaceuticals to steel companies, these Cincinnati-based companies are helping to ensure a successful and dignified retirement for their employees.”
The 25 plans in BrightScope’s Top 25 list for Cincinnati 401k plans have an average account balance of $118,143 per plan participant. The average company contribution in these plans is $5,601, well above the median of $4,118. The average employee participation rate in the Top 25 plans is 92.95 percent.
Here are the top 25 Cincinnati retirement plans, along with a link to BrightScope’s analysis of each plan:
- Taft, Stettinius & Hollister LLP – Taft, Stettinius & Hollister LLP Thrift Savings and Retirement Plan
- ABX Air, Inc. – ABX Air, Inc. Pilots Investment Plan
- Teradata Corporation – Teradata Savings Plan
- Dinsmore & Shohl, LLP – The Dinsmore & Shohl, LLP Savings and Investment Plan
- Keating Muething & Klekamp PLL – Keating Muething & Klekamp 401(k) Profit Sharing Plan
- Scripps Networks Interactive, Inc. – The Scripps Networks Interactive 401(k) Savings Plan
- The Procter & Gamble Company – The Procter & Gamble Profit Sharing Trust and Employee Stock Ownership Plan
- American Financial Group, Inc. – American Financial Group 401(k) Retirement and Savings Plan
- NewPage Corporation – NewPage Retirement Savings Plan
- AK Steel Corporation – AK Steel Corporation Thrift Plan - Plan Document A
- GK Technologies, Incorporated – General Cable Retirement and Savings Plan for Salaried Associates
- Centrica US Holdings, Inc. – Direct Energy US 401(k) Plan
- Robbins and Myers, Inc. – Robbins and Myers, Inc. Retirement Savings Plan
- Omya Industries, Inc. – Omya Industries, Inc. 401(k) Savings Plan
- Cincinnati Bell Inc. – Cincinnati Bell Retirement Savings Plan
- The David J. Joseph Company – Joseph Group Salaried Retirement Plan
- Dayton Power and Light Company – The Dayton Power and Light Company Employee Savings Plan – 75.12
- Kao America, Inc. – Kao America, Inc. 401(k) Savings Plan
- North American Stainless – North American Stainless Savings Plan
- Mazak Corporation – Mazak Employee Shared Savings Plan
- AK Steel Corporation – AK Steel Corporation Thrift Plan - Plan Document C
- Patheon Pharmaceuticals Inc. – Patheon Pharmaceuticals Retirement Savings Plan
- Premier Health Care Services, Inc. – Premier Health Care Services, Inc. Pension Plan
- Hill-Rom Holdings, Inc. – Hill-Rom, Inc. Savings Plan
- Toyota Motor Engineering & Manufacturing North America, Inc. – Toyota Motor Engineering & Manufacturing Salaried 401(k) Plan and Trust