The Principal 10 Best Companies For Employee Financial Security-2005 Benefits At-A-Glace
Medical Coverage
- All 10 of The Principal 10 Best Companies-2005 offer medical insurance.
- All 10 companies pay at least 75 percent of an employee’s medical insurance, and five companies pay 90 percent or more of the premium.
- Eight of the 10 companies pay 75 percent or more of dependents’ premiums.
- Seven of the 10 companies offer medical insurance to their retired employees; three companies pay part of the premiums.
- Eight of the 10 companies offer prescription drug coverage to their retired employees.
- The Principal 10 Best Companies share significantly in the costs of health care insurance. This year’s winners have invested heavily in wellness programs and increased education about cost, value and the proper use of health care services. Common components of the winners’ wellness programs include full wellness screening, smoking cessation, weight loss, cholesterol screen, disease management, health/fitness fairs and employee assistance programs.
Retirement Plans
- Nine companies offer two or more retirement plans (including Profit Sharing Plans or ESOPs).
- Eight companies offer a defined benefit pension plan and one company offers a cash balance plan.
- All 10 companies offer a defined contribution retirement plan.
- Nine companies offer a 401(k) retirement plan:
- Employees participate at an average rate of 86.3 percent.
- Eight companies provide a company match to employee 401(k) contributions.
- The average deferral rate is 6.8 percent.
- Eight companies include lifecycle portfolios as investment options in their plans.
Insurance Coverage
- All 10 companies offer and pay 100 percent for group life insurance.
- Eight of the 10 companies offer short-term disability coverage.
- All 10 companies offer long-term disability coverage – Eight companies pay 100 percent of the cost.
- All 10 companies offer and pay 100 percent of the cost for accidental death and dismemberment insurance.
Average Voluntary Turnover Rate: 9 percent, well below the
national average of 21 percent
