The 2006 Principal 10 Best Companies—Benefits at a Glance
Medical Coverage
- 100% of The Principal 10 Best Companies 2006 offer medical insurance.
- All 10 companies pay at least 70% of an employee’s medical insurance and 7 pay 85% or more of the premium.
- 9 of the 10 companies pay 75% or more of dependents’ premium.
- 6 of the 10 companies offer medical insurance and/or prescription drug coverage to their retired employees; 2 pay part of the premiums.
- 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 winner’s wellness programs include full wellness screen, smoking cessation, weight loss, cholesterol screen, mail order prescriptions, disease management, health/fitness fairs and employee assistance programs.
Retirement plans
- 8 companies offer 2 or more retirement plans (including Profit Sharing Plans or ESOPs).
- 5 companies offer a defined benefit pension plan.
- Among the 401(k) or 403(b) retirement plans offered;
- Average employee participation rate is 87%.
- All 10 provide match to employee 401(k) contributions.
- Average deferral rate is 8.0%.
- 9 plans include lifecycle portfolios as an investment option.
Insurance coverage
- 100% of the companies pay for group life insurance.
- 80% of the companies pay 100% premiums for long-term disability coverage.
- 10 out of 10 companies pay for accidental death and dismemberment insurance.
Average Voluntary Turnover Rate: 7.7%, well below the national average of 21%.
