The 25 Big­gest 401(k)s

These em­ploy­ers are lever­ag­ing their size to ne­go­ti­ate lower fees, im­prove menu se­lec­tion and keep costs in check

Employee Benefit News - - FRONT PAGE - By El­iz­a­beth Galen­tine

The coun­try’s lead­ing re­tire­ment plans have a lot of things in com­mon. A high per­cent­age of em­ploy­ees par­tic­i­pat­ing. A ro­bust match. A well-in­te­grated fi­nan­cial well­ness pro­gram. A large num­ber of as­sets un­der man­age­ment. The lat­ter fac­tor, in par­tic­u­lar, gives busi­nesses a leg up in ne­go­ti­at­ing fees and set­ting the terms of the re­la­tion­ship with their plan provider. In­deed, Gen­eral Mo­tors’ Bill Grotz says of his com­pany’s plan, “The in­vest­ment menu in­cludes fund op­tions with com­pet­i­tive fees based on our large plan size.” Listed here in de­scend­ing or­der, Em­ployee Ben­e­fit News, in part­ner­ship with busi­ness in­tel­li­gence data an­a­lyt­ics firm miEdge, presents the top 25 401(k) plans in the United States based on plan-year-end net as­sets as of April 9, 2018. Plan spon­sors in­clude this in­for­ma­tion in Form 5500 Sched­ule A data sub­mit­ted an­nu­ally to the Depart­ment of La­bor. Lynn Dud­ley, se­nior vice pres­i­dent of global re­tire­ment and com­pen­sa­tion pol­icy at the Amer­i­can Ben­e­fits Coun­cil in Wash­ing­ton, D.C., says busi­nesses with high-ranked re­tire­ment plans are savvy about fee dis­clo­sure and man­age­ment. “Com­pa­nies have got­ten much bet­ter at … ne­go­ti­at­ing the low­est fees they can for their em­ploy­ees,” Dud­ley says. “If you have more money, you’re go­ing to have more ne­go­ti­at­ing power.” Smaller busi­nesses also look to larger plans to mon­i­tor trends in sav­ings man­age­ment. Other trends seen in the large em­ployer mar­ket in­clude cus­tomde­signed ben­e­fits and ser­vices that em­ploy­ees are not likely to re­ceive with a small com­pany, Dud­ley adds, in­clud­ing in­di­vid­ual help with as­set man­age­ment. “You’re see­ing fi­nan­cial lit­er­acy broaden out to en­com­pass a broader swath of an in­di­vid­ual’s fi­nan­cial cir­cum­stances,” she says. “It’s not un­com­mon to have some­body come in and talk to em­ploy­ees, but also to in­vite spouses.” There con­tin­ues to be a steady in­crease in au­to­matic en­roll­ment and au­to­matic es­ca­la­tion. For ex­am­ple, Dud­ley points to a pro­posal in Congress now that would al­low plan spon­sors to con­tinue to es­ca­late their em­ploy­ees’ con­tri­bu­tions beyond the cur­rent law’s 10% cap. Ed­i­tor’s note: As EBN fact-checked the data that fol­low, some com­pa­nies sub­mit­ted more up­dated num­bers that would shift their place in the rank­ing. In or­der to main­tain con­sis­tency, as not all com­pa­nies replied to mul­ti­ple fact-check re­quests, this list­ing re­flects the lat­est of­fi­cial data in the fed­eral government’s Form 5500 data­base. Be­cause busi­ness plan years start at dif­fer­ent times, some com­pany data are from 2016 and oth­ers are from 2017. All list­ings re­flect the most re­cent government records as of April 9, 2018. Those that did pro­vide up­dated num­bers that are not yet in the fed­eral government’s data­base are in­di­cated by an as­ter­isk, with the up­dated data at the bot­tom.

25. Costco Whole­sale

Lo­ca­tion: Is­saquah, Wash.

Be­gin year net as­sets: $11,328,895,969

End year net as­sets: $12,192,532,404*

Par­tic­i­pants with bal­ances: 151,231*

Par­tic­i­pant loans: $454,622,483

*As of Dec. 31, 2017, plan as­sets to­taled $14,484,582,311. And the num­ber of par­tic­i­pants with a bal­ance was 159,969. Costco’s plan par­tic­i­pa­tion rate ex­ceeds 90%, ac­cord­ing to Pa­trick Cal­lans, se­nior vice pres­i­dent, HR and risk man­age­ment. The plan in­cludes au­toen­roll­ment and auto-in­crease fea­tures. “We of­fer a match­ing con­tri­bu­tion (the lesser of $500 or 50% of an em­ployee’s de­fer­ral), and a more sig­nif­i­cant dis­cre­tionary con­tri­bu­tion of 3%-9% of to­tal com­pen­sa­tion, de­pend­ing on the em­ployee’s years of ser­vice,” Cal­lans says.

24. Cit­i­group

Lo­ca­tion: Stam­ford, Conn.

Be­gin year net as­sets: $11,436,037,587

End year net as­sets: $12,343,944,178

Par­tic­i­pants with bal­ances: 136,072

Par­tic­i­pant loans: $225,768,994

Cit­i­group’s 401(k) plan en­cour­ages em­ploy­ees to save through au­to­matic payroll de­duc­tions. Once plan par­tic­i­pants are el­i­gi­ble for com­pany match­ing con­tri­bu­tions, Citi will match dollar-for-dollar up to the first 6% of el­i­gi­ble pay. The plan’s in­vest­ment op­tions in­clude a choice of: pre-di­ver­si­fied funds that shift in in­vest­ment mix, ac­cord­ing to age; in­dexed funds; ac­tively man­aged funds; and/or The Cit­i­group Com­mon Stock Fund. The plan also in­cludes an au­to­matic fea­ture that in­creases em­ployee con­tri­bu­tions yearly un­til par­tic­i­pants reach the plan’s pre­set sav­ings goal.

23. Gen­eral Mo­tors

Lo­ca­tion: Detroit

Be­gin year net as­sets: $11,860,641,869

End year net as­sets: $12,855,385,613

Par­tic­i­pants with bal­ances: 62,350

Par­tic­i­pant loans: $176,725,967

Em­ploy­ees are au­to­mat­i­cally en­rolled in GM’s 401(k) plan upon join­ing the com­pany. GM also of­fers the An­nual In­crease Pro­gram to help grow con­tri­bu­tion amounts over time, ac­cord­ing to Bill Grotz, GM man­ager of in­ter­nal com­mu­ni­ca­tions and em­ployee en­gage­ment. “GM of­fers fi­nan­cial ed­u­ca­tional workshops and pre-re­tire­ment one-on-one con­sul­ta­tions,” Grotz says. “There is also a GM-pro­vided Re­tire­ment Con­tri­bu­tion in ad­di­tion to the GM Com­pany Match on em­ployee con­tri­bu­tions. We cur­rently have a 98% par­tic­i­pa­tion rate in the plan.”

22. Or­a­cle

Lo­ca­tion: Red­wood Shores, Calif.

Be­gin year net as­sets: $11,991,945,576

End year net as­sets: $13,014,873,222

Par­tic­i­pants with bal­ances: 70,353

Par­tic­i­pant loans: $90,469,449

Or­a­cle’s 401(k) plan has a BrightS­cope rat­ing of 83 out of 100. It is in the top 15% of plans for salary de­fer­ral and to­tal plan cost. Par­tic­i­pa­tion rates are average, but salary de­fer­rals and ac­count bal­ances are great, ac­cord­ing to BrightS­cope. The plan has 38 in­vest­ment op­tions, nearly twice the average of 20.

21. Honey­well In­ter­na­tional

Lo­ca­tion: Mor­ris Plains, N.J.

Be­gin year net as­sets: $12,831,387,169

End year net as­sets: $13,296,382,723

Par­tic­i­pants with bal­ances: 79,001

Par­tic­i­pant loans: $15,000,000

Honey­well’s 401(k) plan has a BrightS­cope rat­ing of 80 out of 100. Par­tic­i­pa­tion rates are average, but the com­pany gen­eros­ity is rated as above average and both salary de­fer­rals and ac­count bal­ances are great. In Jan­u­ary, the com­pany in­creased its 401(k) match. “Our strong per­for­mance in 2017, to­gether with the en­act­ment of new U.S. tax leg­is­la­tion, has en­abled us to in­crease our 401(k) match in the U.S.,” Dar­ius Adam­czyk, pres­i­dent and CEO, said at the time of the an­nounce­ment. “This is a sus­tained, an­nual ben­e­fit that will pro­vide a more se­cure re­tire­ment for our em­ploy­ees. We be­lieve that en­hanc­ing this ben­e­fit is ex­tremely valu­able and im­por­tant to our em­ploy­ees over the long term.”

20. Hospi­tal Cor­po­ra­tion of Amer­ica (HCA)

Lo­ca­tion: Nashville

Be­gin year net as­sets: $12,729,599,397

End year net as­sets: $14,002,383,663

Par­tic­i­pants with bal­ances: 265,040

Par­tic­i­pant loans: $394,690,197

HCA’s plan pro­vides a 100% match for em­ployee con­tri­bu­tions, from 3%-9% of pay, based on years of vested ser­vice. Em­ploy­ees are au­to­mat­i­cally en­rolled in the 401(k) plan on the first day fol­low­ing two months of ser­vice. The con­tri­bu­tion rate be­gins at 3% of pay and in­creases by 1% in Jan­u­ary of each year un­til it reaches 15%, or the plan par­tic­i­pant ac­tively chooses another rate, or opts out of the plan, ac­cord­ing to the com­pany’s web­site.

19. John­son & John­son

Lo­ca­tion: New Brunswick, N.J.

Be­gin year net as­sets: $13,113,143,474

End year net as­sets: $14,349,853,964

Par­tic­i­pants with bal­ances: 64,855

Par­tic­i­pant loans: $105,792,212

John­son & John­son’s 401(k) plan is rated an 87 out of 100 by BrightS­cope. It is in the top 15% of plans for ac­count bal­ances, com­pany gen­eros­ity, salary de­fer­ral and to­tal plan cost. The com­pany of­fers 12 in­vest­ment op­tions.

18. FedEx

Lo­ca­tion: Mem­phis, Tenn.

Be­gin year net as­sets: $13,260,615,840

End year net as­sets: $14,720,273,154

Par­tic­i­pants with bal­ances: 229,598

Par­tic­i­pant loans: $309,222,572

The FedEx 401(k) plan has a 70 out of 100 rat­ing on BrightS­cope. Com­pany gen­eros­ity and salary de­fer­rals are average, while par­tic­i­pa­tion rates and ac­count bal­ances are above average. The com­pany of­fers 27 in­vest­ment op­tions.

17. Fi­delity In­vest­ments

Lo­ca­tion: Bos­ton

Be­gin year net as­sets: $13,599,102,611*

End year net as­sets: $14,730,835,962*

Par­tic­i­pants with bal­ances: 57,658*

Par­tic­i­pant loans: $132,211,935*

*As of Dec. 31, 2017, Fi­delity’s plan had 57,422 en­rolled plan par­tic­i­pants. End year net as­sets were $16.7 bil­lion and par­tic­i­pants had $110 mil­lion in plan loans. “Fi­delity is sharply fo­cused on pro­vid­ing a ben­e­fits pack­age to our em­ploy­ees that is not just com­pet­i­tive, but dif­fer­en­ti­at­ing. Through our 401(k)/ profit shar­ing plan, em­ploy­ees can make pre-tax and/or Roth af­ter-tax con­tri­bu­tions and Fi­delity will match them, dollar-for-dollar, up to 7% per pay pe­riod,” says Michael Aalto, vice pres­i­dent, pub­lic re­la­tions. Em­ploy­ees can in­vest in nearly 200 Fi­delity mu­tual funds, as well as a wide ar­ray of non-Fi­delity funds, Aalto says. As of De­cem­ber 2017, 95% of match-el­i­gi­ble em­ploy­ees con­trib­uted to the plan at average rates of more than 10%. “In­creas­ing the re­tire­ment readi­ness of Amer­i­can in­vestors is a key part of Fi­delity’s mis­sion as a com­pany,” he adds. “Go­ing above and beyond to do so for our own em­ploy­ees is a cru­cial part of how we view our role as an em­ployer.”

16. Mi­cro­soft

Lo­ca­tion: Red­mond, Wash.

Be­gin year net as­sets: $13,695,612,842

End year net as­sets: $15,632,570,354

Par­tic­i­pants with bal­ances: 91,641

Par­tic­i­pant loans: $114,393,990

In 2016, Mi­cro­soft boosted its em­ployer match to 50% of em­ploy­ees’ reg­u­lar pre-tax and Roth de­fer­rals, up to a max­i­mum of $9,000. Pre­vi­ously, its em­ployer match was 50% of the first 6% em­ploy­ees de­ferred, to a max­i­mum of 3% of pay. The com­pany has a BrightS­cope rat­ing of 88 out of 100 and of­fers plan par­tic­i­pants 25 in­vest­ment op­tions.

15. Raytheon

Lo­ca­tion: Waltham, Mass.

Be­gin year net as­sets: $14,862,472,595

End year net as­sets: $16,142,754,786

Par­tic­i­pants with bal­ances: 77,828

Par­tic­i­pant loans: $216,286,658

Raytheon matches a por­tion of em­ployee con­tri­bu­tions dollar-for-dollar, up to the first 3% of el­i­gi­ble com­pen­sa­tion, up to the first 4% of el­i­gi­ble com­pen­sa­tion af­ter five years of con­tin­u­ous em­ploy­ment with the com­pany, ac­cord­ing to Raytheon’s web­site. Em­ploy­ees are im­me­di­ately 100% vested in the com­pany match.

14. Chevron

Lo­ca­tion: San Ra­mon, Calif.

Be­gin year net as­sets: $17,088,316,508

End year net as­sets: $19,382,469,310

Par­tic­i­pants with bal­ances: 38,113

Par­tic­i­pant loans: $135,115,786

U.S. em­ploy­ees are im­me­di­ately vested in Chevron’s match­ing con­tri­bu­tions. For those who con­trib­ute 2% of reg­u­lar pay, Chevron con­trib­utes an amount equal to 8% of reg­u­lar pay. The Chevron con­trib­uted amount is equal to 4% of pay for em­ploy­ees who con­trib­ute 1% of reg­u­lar pay, ac­cord­ing to Braden Red­dall, a se­nior external af­fairs ad­viser. There is a 97% par­tic­i­pa­tion rate for the plan, which in­cludes en­hanced plan­ning tools, tech­nol­ogy and ed­u­ca­tional re­sources for par­tic­i­pants ei­ther de­vel­oped in-house or through Chevron’s ven­dor, ac­cord­ing to Red­dall.

13. United Tech­nolo­gies

Lo­ca­tion: Farm­ing­ton, Conn.

Be­gin year net as­sets: $19,281,263,000

End year net as­sets: $20,237,210,000

Par­tic­i­pants with bal­ances: 91,412

Par­tic­i­pant loans: $156,794,000

“The UTC Em­ploy­ees Sav­ings Plan of­fers par­tic­i­pants all the fea­tures ex­pected in large, well­run 401(k) plans. This in­cludes a well-thought-out in­vest­ment lineup with the low­est avail­able fees, a high-yield­ing sta­ble value fund, au­to­matic en­roll­ment and au­to­matic es­ca­la­tion of em­ployee con­tri­bu­tions, age 50 catch-up con­tri­bu­tions and Roth con­tri­bu­tions — to name a few. What re­ally sets UTC’s 401(k) plan apart from other large em­ploy­ers’ plans is the unique Life­time In­come Strat­egy — an in-plan so­lu­tion for pro­vid­ing guar­an­teed life­time in­come to par­tic­i­pants,” the com­pany says in a state­ment. Ad­di­tion­ally, the com­pany notes that UTC is the only large em­ployer to make an in-plan guar­an­teed life­time in­come so­lu­tion the de­fault in­vest­ment op­tion. “[F]rom the time our new hires reach their fourth an­niver­sary of em­ploy­ment un­til they leave UTC, an­nual con­tri­bu­tions of be­tween 16.6% and 19.1% of pay will be ac­cu­mu­lat­ing in their 401(k) ac­counts, and will pro­vide guar­an­teed in­come through­out their re­tire­ment,” the com­pany says.

12. Northrop Grum­man

Lo­ca­tion: Falls Church, Va.

Be­gin year net as­sets: $19,343,455,501

End year net as­sets: $20,866,567,177

Par­tic­i­pants with bal­ances: 103,692

Par­tic­i­pant loans: $218,466,620

Northrop Grum­man has an 84 out of 100 rank­ing on BrightS­cope. The com­pany has a great rat­ing for salary de­fer­rals, ac­count bal­ances and com­pany gen­eros­ity. Em­ploy­ees have 21 in­vest­ment op­tions to choose from.

11) ExxonMo­bil

Lo­ca­tion: Spring, Texas

Be­gin year net as­sets: $19,718,000,000

End year net as­sets: $21,426,000,000

Par­tic­i­pants with bal­ances: 42,546

Par­tic­i­pant loans: $192,000,000

ExxonMo­bil of­fers com­pany match­ing and em­ployee ed­u­ca­tion pro­grams, in­clud­ing its Fi­nan­cial Fit­ness pro­gram. The to­tal pack­age of­fered to el­i­gi­ble em­ploy­ees in­cludes a de­fined ben­e­fit plan as well as the 401(k). “These plans are a valu­able em­ployee ben­e­fit and a com­pet­i­tive ad­van­tage, help­ing us meet our busi­ness ob­jec­tives by at­tract­ing highly skilled em­ploy­ees and re­tain­ing them over the course of a ca­reer,” says Re­becca Arnold, cor­po­rate me­dia re­la­tions ad­vi­sor.

10. Ver­i­zon Com­mu­ni­ca­tions

Lo­ca­tion: Bask­ing Ridge, N.J.

Be­gin year net as­sets: $20,133,535,109

End year net as­sets: $21,865,058,119

Par­tic­i­pants with bal­ances: 156,890

Par­tic­i­pant loans: $532,011,358

“Fea­tures in­clude our 100%, dollar-for-dollar com­pany match up to the first 6% of el­i­gi­ble pay de­ferred, along with up to an an­nual profit-shar­ing award of up to 3% of el­i­gi­ble pay (for up to a to­tal 9% to­tal com­pany con­tri­bu­tion),” says Jonathan Hayes, direc­tor of ben­e­fits. The com­pany also of­fers plan par­tic­i­pants an in­sti­tu­tional in­vest­ment fund lineup man­aged through its in-house in­vest­ment man­age­ment firm, Ver­i­zon In­vest­ment Man­age­ment Corp. “We are also proud of our over­all 96% par­tic­i­pant rate and an average de­fer­ral rate of over 6%,” Hayes says.

9. Bank of Amer­ica

Lo­ca­tion: Char­lotte, N.C.

Be­gin year net as­sets: $19,758,274,228

End year net as­sets: $22,117,821,268

Par­tic­i­pants with bal­ances: 243,075

Par­tic­i­pant loans: $449,793,562

No­table el­e­ments of Bank of Amer­ica’s plan in­clude a com­pany match­ing con­tri­bu­tion of up to 5% of el­i­gi­ble play, an an­nual com­pany con­tri­bu­tion of 2% of el­i­gi­ble play — 3% af­ter 10 years with the com­pany — un­lim­ited free fi­nan­cial coun­sel­ing and ac­cess to videos and other in­for­ma­tion from Bet­ter Money Habits, ac­cord­ing to a com­pany spokesper­son.

8. JPMor­gan Chase Bank

Lo­ca­tion: Jer­sey City, N.J.

Be­gin year net as­sets: $21,200,339,877

End year net as­sets: $23,758,898,917

Par­tic­i­pants with bal­ances: 275,509

Par­tic­i­pant loans: $506,583,334

JPMor­gan Chase of­fers plan par­tic­i­pants a dollar-for-dollar match on up to 5% of pay for all em­ploy­ees with at least one year of ser­vice, ex­clud­ing those earn­ing more than $250,000 a year. For the past sev­eral years, an ad­di­tional “spe­cial award” has been cred­ited to the ac­counts of em­ploy­ees earn­ing less than $60,000, ac­cord­ing to Ber­nadette Bra­nosky, global ben­e­fits man­ager. In 2017, it was $750. Thanks to the com­pany’s au­to­matic en­roll­ment fea­ture, more than 90% of em­ploy­ees par­tic­i­pate in the plan. “In ad­di­tion to the em­ployer con­tri­bu­tions, JPMor­gan Chase pro­vides pay cred­its of 3%-5% of pay (pay capped at $100,000) each year, in a sep­a­rate re­tire­ment plan,” Bra­nosky adds. “That is 8%-10% of pay, which is mar­ket lead­ing — in par­tic­u­lar for our lower-paid em­ploy­ees. It all adds up and al­lows us to of­fer a com­pet­i­tive, com­pre­hen­sive ben­e­fits pack­age to our em­ploy­ees, in ad­di­tion to their an­nual com­pen­sa­tion.”

7. Wal­mart

Lo­ca­tion: Ben­tonville, Ark.

Be­gin year net as­sets: $20,793,579,908

End year net as­sets: $24,185,192,771

Par­tic­i­pants with bal­ances: 1,006,227

Par­tic­i­pant loans: $952,901,404

Wal­mart’s 401(k) plan of­fers match­ing con­tri­bu­tions of up to 6% for el­i­gi­ble em­ploy­ees, ac­cord­ing to the com­pany’s web­site. The com­pany has a BrightS­cope rat­ing of 56 out of 100. Par­tic­i­pa­tion rates, salary de­fer­rals and ac­count bal­ances are be­low average, and com­pany gen­eros­ity is average.

6. Gen­eral Elec­tric

Lo­ca­tion: Bos­ton

Be­gin year net as­sets: $28,644,090,113

End year net as­sets: $29,555,945,175

Par­tic­i­pants with bal­ances: 228,873

Par­tic­i­pant loans: $394,972,228

GE’s 401(k) plan has an 83 out of 100 rat­ing on BrightS­cope. Com­pany gen­eros­ity, salary de­fer­rals and ac­count bal­ances all rate as great, and par­tic­i­pa­tion rates are above average. GE of­fers plan par­tic­i­pants 16 in­vest­ment op­tions.

5. Lock­heed Martin

Lo­ca­tion: Bethesda, Md.

Be­gin year net as­sets:

$29,384,645,702

End year net as­sets:

$30,899,980,211

Par­tic­i­pants with bal­ances: 125,385 Par­tic­i­pant loans: $202,269,996 Lock­heed Martin’s 401(k) plan has an 86 out of 100 rat­ing on BrightS­cope. It has an above-average par­tic­i­pa­tion rate, and com­pany gen­eros­ity, salary de­fer­rals and ac­count bal­ances are all rated as great.

4) AT&T

Lo­ca­tion: Dal­las

Be­gin year net as­sets:

$29,469,686,000

End year net as­sets:

$34,786,285,000

Par­tic­i­pants with bal­ances: 260,254 Par­tic­i­pant loans: $694,508,000 AT&T’s em­ployer match for most em­ploy­ees is equal to 80% of the first 6% of salary con­trib­uted by the em­ployee. Em­ploy­ees that are not ac­cru­ing a pen­sion with AT&T gen­er­ally re­ceive a higher match of 100% of the first 6% they con­trib­ute, ac­cord­ing to John Phipps, as­sis­tant vice pres­i­dent, re­tire­ment de­sign and op­er­a­tions. In 2015, the com­pany added in­vest­ment ad­vice ser­vices from Fi­nan­cial En­gines. Since im­ple­men­ta­tion, 69,000 par­tic­i­pants have used the ser­vice. Ad­di­tion­ally, AT&T has a fi­nan­cial well­ness pro­gram called Your Money Mat­ters that of­fers a va­ri­ety of pro­grams and re­sources that cover a wide spec­trum of top­ics, from pre­par­ing for re­tire­ment to mak­ing the most of a 401(k). “Your Money Mat­ters lever­ages AT&T’s in­ter­nal so­cial me­dia to al­low em­ploy­ees to share ex­pe­ri­ences, ask ques­tions and of­fer their own tips to their col­leagues across the busi­ness,” says Phipps. “It’s an in­for­mal way to en­gage in the space of fi­nan­cial well­ness. Since YMM started in 2011, we’ve seen 401(k) par­tic­i­pa­tion rates rise from 82% to 91% and an in­crease in those max­ing out the com­pany match­ing go­ing from 49% to 79%.”

3. Wells Fargo

Lo­ca­tion: Min­neapo­lis

Be­gin year net as­sets: $35,786,151,009*

End year net as­sets:

$38,240,089,080*

Par­tic­i­pants with bal­ances: 327,513 Par­tic­i­pant loans: $1,020,030,226 *For the plan year end­ing in 2017, Wells Fargo had 238,419 el­i­gi­ble em­ploy­ees with 198,770 con­tribut­ing. Be­gin-year net as­sets were ap­prox­i­mately $37 bil­lion, and endyear net as­sets were ap­prox­i­mately $43 bil­lion. The vol­un­tary par­tic­i­pa­tion rate for all el­i­gi­ble em­ploy­ees is 83%; for match-el­i­gi­ble em­ploy­ees it is 87%, with­out au­to­matic en­roll­ment. The average ac­count bal­ance among em­ploy­ees is $145,982, and the average par­tic­i­pant con­tri­bu­tion rate is ap­prox­i­mately 9%, ac­cord­ing to Diana Ro­driguez, se­nior vice pres­i­dent of cor­po­rate com­mu­ni­ca­tions. Ad­di­tion­ally, Wells Fargo makes quar­terly em­ployer-match­ing con­tri­bu­tions dollar for dollar up to 6% of el­i­gi­ble com­pen­sa­tion af­ter com­plet­ing one year of em­ploy­ment. The com­pany funded around $1 bil­lion in em­ployer match­ing con­tri­bu­tions in 2017. “Wells Fargo pays all of the Wells Fargo 401(k) Plan’s ad­min­is­tra­tion ex­penses on be­half of par­tic­i­pat­ing em­ploy­ees, which, when cou­pled with the plan’s low in­vest­ment ex­penses, makes it a great value and top tool for our em­ploy­ees to save for their fi­nan­cial fu­ture,” Ro­driguez says.

2. In­ter­na­tional Busi­ness Ma­chines (IBM)

Lo­ca­tion: Ar­monk, N.Y.

Be­gin year net as­sets:

$45,928,701,192

End year net as­sets:

$48,431,129,208

Par­tic­i­pants with bal­ances:

186,290

Par­tic­i­pant loans: $250,068,415 IBM lets plan par­tic­i­pants de­fer up to 80% of el­i­gi­ble com­pen­sa­tion on a be­fore-tax or Roth 401(k) ba­sis, ac­cord­ing to the com­pany’s web­site. Em­ploy­ees can also save up to 10% of el­i­gi­ble pay on an af­ter-tax ba­sis. For reg­u­lar full-time and part-time em­ploy­ees hired or re­hired af­ter Jan. 1, 2005, the com­pany of­fers a 1% au­to­matic com­pany con­tri­bu­tion and a dollar-for-dollar com­pany match on up to 5% of el­i­gi­ble pay. Em­ploy­ees be­come el­i­gi­ble for IBM con­tri­bu­tions af­ter com­plet­ing one year. IBM con­tri­bu­tions are im­me­di­ately vested.

1. Boe­ing

Lo­ca­tion: Seattle

Be­gin year net as­sets:

$47,130,387,730

End year net as­sets:

$50,391,350,564

Par­tic­i­pants with bal­ances:

203,053

Par­tic­i­pant loans: $713,495,086 Boe­ing pro­vides a 75% match on the first 8% of base pay that most nonunion em­ploy­ees save in their VIP ac­counts, in ad­di­tion to age-based com­pany con­tri­bu­tions, ac­cord­ing to the com­pany’s web­site. Ad­di­tion­ally, new hires are au­to­mat­i­cally en­rolled at 4% of base pay. If they do not opt out or change the con­tri­bu­tion rate, it au­to­mat­i­cally in­creases by 1% each April un­til reach­ing 8% of base pay and re­ceiv­ing the full Boe­ing match. “Most newly hired nonunion and cer­tain union-rep­re­sented em­ploy­ees re­ceive au­to­matic com­pany con­tri­bu­tions into the com­pany’s 401(k) plan (re­gard­less of whether the em­ployee saves part of his or her pay into the plan),” the com­pany says. “Em­ploy­ees are 100% vested in both their sav­ings and the com­pany con­tri­bu­tions at all times. The plan of­fers a va­ri­ety of in­vest­ment funds that em­ploy­ees can use to di­ver­sify their ac­count, as well as life­cy­cle funds tar­geted to spe­cific re­tire­ment dates. Risk lev­els range from con­ser­va­tive to ag­gres­sive.”

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