NJ Sullivan Company, Inc.
“The first question people ask when I tell them about our benefits is, ‘Are you hiring?’”
– Christie Hope Greenland, Office Manager/Bookkeeper, NJ Sullivan Company, Inc.
Company Facts
- Location: Dulles, Va.
- Type of business: Custom manufacturer of metal products for the electrical and construction industries
- Number of employees: 25
- Founded: 1958
- Web site: www.njsullivan.com
Benefit highlights
- 100% employer-paid medical insurance (including premiums and deductibles) for employees and dependents
- 401(k) plan with 5% match up to 100% of pay deferred, as well as a variable profit sharing contribution; average employee deferral of 10%
- 100% employer-paid premiums for short- and long-term disability insurance, as well as for long-term care insurance
Percent of employees participating in 401(k) plan: 100%
Greatest impact on financial security of employees: “Definitely our 401(k) plan,” said Christie Hope Greenland, Office Manager/Bookkeeper. “When employees begin contributing to the plan, we also raise their pay so they don’t see any less money. For example, if an employee contributes 5%, we increase their base pay by 5%. And then we match their 401(k) contribution dollar-for-dollar up to 5% of pay.”
Other interesting facts:
- Offers medical and prescription drug coverage for retirees
- Voluntary turnover of less than 1% over the last five years
Why Judges Selected N.J. Sullivan
Watch a video of comments from 10 Best judge, David L. Wray, president, The Profit Sharing/401k Council of America (PSCA)
Read the transcript
“N.J. Sullivan was chosen because they are a great example of what a small company can do. The fact that they pay 100 percent of health care premiums for their employees is above and beyond. There are hardly any companies doing this now. And for me personally, this is one of the things that I value the most because you know that when you pay 100 percent of the premium, every single person is going to be in there and getting the health care they need. The second thing is, that they have 100 percent participation in their 401k plan. That’s something that any company could be proud of. It’s highly unusual. It shows that company is committed to one-on-one interaction with their employees; a wonderful program. And finally, I like the fact that they make a financial planner available to every employee. In these times, when the economic challenges individually are on all of us, using your money efficiently can be one of the best benefits that a company can help you attain. So I believe that having financial planning service available to people is a great benefit.”
— David L. Wray, 10 Best judge and president, The Profit Sharing/401k Council of America (PSCA)
