The 2007 Principal 10 Best Companies—Benefits at a Glance
Medical Coverage
The Principal 10 Best Companies share significantly in the costs of health care insurance and there is significant increase in commitment to wellness programs.
- 100 percent of The Principal 10 Best Companies 2007 offer medical insurance.
- All 10 companies pay at least 70 percent of an employee’s medical insurance, and 6 pay 85 percent or more of the premium.
- 8 of the 10 companies pay 70 percent or more of dependents’ premium.
- 5 of the 10 companies offer medical insurance and/or prescription drug coverage to their retirees.
- All of the winners offer wellness programs.
Retirement Plans
- All 10 companies offer 2 or more retirement plans, including 401(k), Profit Sharing and Money Purchase Plans.
- 5 companies offer a defined benefit pension plan.
- Among the 401(k) or 403(b) retirement plans offered;
- Average employee participation rate was 92.4 percent.
- All 10 provide match to employee 401(k) contributions.
- Average deferral rate is 8 percent.
Insurance Coverage
- 100 percent of the companies pay for group life insurance.
- 90 percent of the companies pay 100 percent premiums for long-term disability coverage.
- 9 out of 10 companies pay for accidental death and dismemberment insurance.
Benefit Communication and Education
- All of The Principal 10 Best Companies place a top priority on education and communication, and employ multiple methods of reaching employees.
- 100 percent provide one-on-one meetings with financial planners or benefit specialists paid by the employer.
- Other popular communications tactics include total annual compensation statements, website postings, retirement seminars, employee meetings and benefit fairs.
Average Voluntary Turnover Rate: 7.7 percent, well below the national average of 21%.
