The Judges Talk about The Principal 10 Best Winners
A distinguished, independent panel of judges recently selected The Principal® 10 Best Companies for Employee Financial Security-2007. The judges praised this year's winners for a consistent, holistic approach to providing a broad range of benefits. The judges explain why each winner was selected:
Badger Mining Corporation
View video of comments on Badger Mining Corporation (2.2 MB)
Comments by judge Dan McCarthy, FSA, MAAA Consulting Actuary Milliman USA
Read the Comments
"Badger Mining had a very generous employee benefit program that is very substantially funded by the company. Secondly, in their 401(k) program, they have a high percentage of employee participation, so they've really got employees focused on the value of that particular program. And finally, I would say that we, judges, were particularily pleased to select Badger Mining as one of The Principal 10 Best because it's a basic industry kind of company, and in many companies like that you don't find strong employee benefits and here we did."
Business Roundtable
View video of comments on Business Roundtable (2.1 MB)
Comments by Dallas Salisbury, president and CEO, Employee Benefit Research Institute
Read the Comments
"The Business Roundtable stood out for the quality of its retirement and economic security programs. It had a defined benefit pension plan, increasingly unheard in America. It had 100 percent employer-paid health insurance and a comprehensive health program including wellness and prevention. And thirdly, it had a very solid 401(k) savings plan, which included employer-paid independent investment advice. So, all in all, an excellent program."
Cobb Strecker Dunphy & Zimmermann, Inc.
View video of comments on Cobb Strecker Dunphy & Zimmermann, Inc.—Part One (1.3 MB)
View video of comments Cobb Strecker Dunphy & Zimmermann, Inc.—Part Two (1.5 MB)
Comments by Tim Welsh—director, McKinsey & Company
Read the Comments
Part One—"There are really a couple of programs which stood out as truly exceptional. The first was a real broad focus on health, wellness and a variety of programs done to reinforce that theme. And then secondly, around financial planning, a very innovative program to help each of their employees plan for their financial future."
Part Two—"It says a couple of things about the company. The first is how truly dedicate they are to their employees to help ensure that the employees are healthy. And secondly, it is likely, at least all the evidence would suggest, it's likely that those will not only be healthier employees, but more productive because they're excited about the work that they're doing in the company. They know the company cares for them."
LMI
View video of comments on LMI (1.6 MB)
Comments by Debbie Jaudon, director of human resources, Argon ST (winner The Principal 10 Best Companies-2006)
Read the Comments
"Overall, LMI had a great benefits plan and so it's hard to choose. But they had several plans that I thought were outstanding. First and foremost was their retirement plan. They have a 100 percent match up to three percent in their 401(k), which is good. But they also have a money purchase plan where they have a non-matching contribution of nine percent, for a total of 12 percent which is excellent."
National Futures Association
View video of comments on National Futures Association (1.2 MB)
Comments by David L. Wray, president of the Profit Sharing/401(k) Council of America (PSCA)
Read the Comments
"The National Futures Association, 98 percent participation rate in their 401(k) is remarkable and an inspiration for other companies. They also make a very generous contribution to the plan and they have wonderful medical benefits."
Placid Refining Company LLC
View video of comments on Placid Refining Company LLC—Part One (1 MB)
View video of comments on Placid Refining Company LLC—Part Two (1.1 MB)
View video of comments on Placid Refining Company LLC—Part Three (1 MB)
Comments by CJ McKoy director, human resources and corporate learning, ITA Group, Inc (winner The Principal 10 Best Companies-2006)
Read the Comments
Part One—"Well, the first thing that caught my eye about Placid Refining Company is the incredible employer retention rate of 99 percent. To have an employee retention rate that high, this company must be doing a lot of things right."
Part Two—"Placid Refining Company offers a well-rounded group of benefits. They have a solid medical plan for their employees as well as disability and long-term care. Health and wellness also seems to be an area focus for Placid Refining Company."
Part Three—"It is obvious that Placid Refining Company cares about their employees and invests heavily in their employee base and retaining them. And the commitment back from the employees to their employer also shows because of their high retention."
PMSLIC Insurance Company
View video of comments on PMSLIC Insurance Company—Part One (1.1 MB)
View video of comments on PMSLIC Insurance Company—Part Two (747 KB)
Comments by Nevin Adams, editor in chief - Plan Sponsor Magazine, Plansponsor.com
Read the Comments
Part One—"PMSLIC Insurance has a generous 401(k) match. They still have a defined benefit plan. It's fully funded. They are giving their employees access to investment advice to help them make good investment decisions with their 401(k) and they're offering an immediate 100 percent vesting to that key benefit."
Part Two—"In this day and age, you hear a lot about people getting rid of their defined benefit pension plans. That continued commitment to a traditional pension is an enormous commitment to their employees. They're to be commended for that."
ProAssurance Corporation
View video of comments on ProAssurance Corporation—Part One (2.5 MB)
View video of comments on ProAssurance Corporation—Part Two (730 KB)
Comment by Nevin Adams, editor in chief - Plan Sponsor Magazine, Plansponsor.com
Read the Comments
Part One—"Well, the judges picked ProAssurance Corporation for three, maybe, four basic reasons. First off, they offer a 401(k) with a generous match, and they offer a stock purchase plan. Now, with regard to helping their workers participate in these programs, they do two things, which are new features for many plans. First off, they offer automatic enrolment, makes it easier for people to get into the plan in the right place, in the first place. And, secondly, they offer an automatic deferral increase provision, which helps make it easier for people to save the right amount on their own terms. And then finally, they offer medical coverage for part-time employees, and that's still something that you don't see everywhere out there."
Part Two—"It shows that they're committed to their employees, they're committed to helping them save the right amount and giving them a variety of ways to do it. It also says they recognize the fact that we're all busy, we've got other things to do."
Society Insurance
View video of comments on Society Insurance (2.8 MB)
Comments by Dan McCarthy, FSA, MAAA Consulting Actuary Milliman USA
Read the Comments
"Society Insurance was extremely impressive in terms of the provision that they make for employees retirement. They have a defined benefit plan, which is rather rare nowadays and it's a very well funded one at that. And they also put a lot of money into the defined contribution plan, their 401(k) plan for employees. You put those two together, it's a remarkably thorough provision for employee retirement. Second, they had a generous medical plan. Largely, they're not entirely funded by the company. That's a good thing. And third, they had a lot of supplemental benefits that, I think, are really important. They provide a tuition reimbursement. They provide financial counseling. They've tried to identify needs that we might not always think about and provide for them financially."
The Surplus Line Association of California
View video of comments on The Surplus Line Association of California (2.1 MB)
Comments by Corey Rosen, executive director, National Center for Employee Ownership
Read the Comments
"There are things about Surplus Line that I found particularly impressive. One is that in a time when you're seeing medical benefits being cut substantially, their medical benefit plan is extraordinary. Secondly, they have a defined benefit plan, and very few companies these days continue to provide a defined benefit plan for their employees. And third, an interesting thing that they do is they provide for one-on-one meeting with financial advisers for each of their employees."
