NORCAL Mutual Insurance Company
“We never hear about people leaving because of benefits. In fact, it’s the greatest retention tool we have.”
– John McClain, Vice President of Human Resources, NORCAL Mutual Insurance Company
Company Facts
- Location: San Francisco, Calif.
- Type of business: Medical liability insurer
- Number of employees: 250
- Founded: 1975
- Web site: www.norcalmutual.com
Benefit highlights
- 75%-85% employer-paid medical insurance premiums for employees and dependents
- 401(k) plan with non-matching, employer profit-sharing contribution of 15% of pay; average employee deferral of 9.8%
- Defined benefit pension plan
- 100% employer-paid premiums for short- and long-term disability insurance
Greatest impact on financial security of employees: NORCAL Mutual believes the combination of its defined benefit pension plan and 401(k) plan has the biggest impact on employees’ financial security. “In a time when the industry is moving away from defined benefit plans, that we’re able to continue to have that benefit sends a strong message to our workforce,” said Jim Sunseri, President/CEO, NORCAL Mutual Insurance Company.
Other interesting facts:
- Offers employees access to free investment advice
- Successfully competes with Google, Bank of America and other large San Francisco-area companies for employees
Why Judges Selected NORCAL Mutual
Watch a video of comments from 10 Best judge, D. Holly Lifke, vice president of Human Resources, Society Insurance, one of The Principal 10 Best Companies—2007
Read the transcript
“NORCAL stood out in a number of areas. I think their straightforward approach to providing financial security for their employees is real critical, and they do this in a couple of different ways. They provide a defined benefit plan, which is well-funded. And they also provide a very generous, defined contribution 401k plan. In addition to that they have robust health insurance and good education also. I think the fact that the benefits component of their total compensation represents about 50 percent of salary is a pretty significant contribution and an impressive statement made by the company.”
— D. Holly Lifke, 10 Best judge and vice president of Human Resources, Society Insurance, one of The Principal 10 Best Companies—2007
