North Island Credit Union
“Benefits are really important to our employees, and the welfare of our employees is really important to us.”
– Janet Owens, Vice President—Benefits and Welfare, North Island Credit Union
Company Facts
- Location: San Diego, Calif.
- Type of business: Credit union
- Number of employees: 489
- Founded: 1940
- Web site: www.myisland.com
Benefit highlights
- 80% employer-paid medical insurance premiums for employees
- 50% employer-paid medical insurance premiums for dependents
- 401(k) plan with 100% match on first 2% of pay deferred, then 50% match on the next 4%; average employee deferral of 7.5%
- 457(b) plan with average employee deferral of 5.5%
- Defined benefit pension plan
- 100% employer-paid premiums for long-term disability
Percent of employees participating in 401(k) plan: 94%
Greatest impact on financial security of employees: The organization credits its defined benefit pension plan and defined contribution plan with having a big impact on employees’ financial security. “People are amazed when they hear we have both a defined benefit and defined contribution plan,” said Janet Owens, Vice President—Benefits and Welfare, North Island Credit Union.
Other interesting facts:
- Conducts mandatory benefits meetings with employees
- 401(k) plan includes automatic enrollment and Roth feature
Why Judges Selected North Island Credit Union
Watch a video of comments from 10 Best judge, Dallas Salisbury, president and CEO, Employee Benefit Research Institute
Read the transcript
“North Island Credit Union has an outstanding benefit program. It has, starting with health insurance, high employer contributions and low deductibles with no maximum on what lifetime benefits can be; which gives people a tremendous advantage going ahead. It has excellent supplemental programs with short-term and long-term disability in terms of access to that short-term disability and access to the opportunity to purchase long-term care insurance. It has outstanding retirement programs, a defined benefit program that can help those who stay for a long time have an assured supplement to Social Security and good defined contribution programs with a generous employer contribution that helps everyone accumulate substantially for retirement. And finally, it’s been very innovative in the wellness programs it has and the communications programs and the ways that it helps individual employees understand what is available to them and helps them understand how to take advantage of it.”
— Dallas Salisbury, president and CEO, Employee Benefit Research Institute
