BrightScope, Transparency Creates 401K Savings

BrightScope is providing 401K research free to consumers and was featured on TechCrunch earlier today.  The company has a scoring system for company 401K plans which should provide transparency into employees how their plan stacks up.  Not only is this a great tool for job hunters, but it’s also a great tool for employees who can march down to the executive floor and ask why their plan isn’t performing much better.

Here’s a few examples:

• L.L. Bean has a 401K Score of 36
• J & J Snack Foods has a 401K Score of 47
• IAC/InterActiceCorp has a 401K Score of 54

The company also provides insights into what this score means.  Check this out for GE:

For the average 401k participant, the 7 point difference betweenthe GE plan’s BrightScope Rating (78) and the top rated plan (85) could equate to:

• 5 additional years of work
• Up to $366,800 in lost retirement savings

Still, that’s way better than the 17 years longer I’d have to work at LL Bean to catch the industry leader in their category.

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