The Spiratex Company
“We gain a competitive edge because we have such an experienced staff and a relatively low turnover rate.”
– Robert Racey, President and General Manager, The Spiratex Company
Company Facts
- Location: Romulus/Monroe, Mich.
- Type of business: Manufacturer of custom thermoplastic extrusions
- Number of employees: 127 at two locations in Romulus and Monroe, Michigan
- Founded: 1955
- Web site: www.spiratex.com
Benefit highlights
- 96% – 100% employer-paid medical insurance premiums for employees and dependents
- 401(k) plan with 50% match up to 100% of pay deferred; average employee deferral of 6%
- Profit sharing contribution averaging 10% of pay
- 100% employer-paid premiums for short- and long-term disability insurance
Percent of employees participating in 401(k) plan: 90%
Greatest impact on financial security of employees: In addition to an extremely generous 401(k) plan, The Spiratex Company brings in a financial planner for mandatory, one-on-one meetings with employees. “They can discuss anything they want, and it’s on company time,” explained Cheryl Grissett, Corporate Human Resource Director, The Spiratex Company.
Other interesting facts:
- Offers medical and prescription drug coverage for retirees
- 401(k) plan features automatic enrollment and automatic deferral increases
Why Judges Selected The Spiratex Company
Watch a video of comments from 10 Best judge Dan McCarthy, consulting actuary, Milliman, Inc.
Read the transcript
“We selected The Spiratex Company frankly based on the overall excellence of the company’s employee benefit programs. But there were a few things that we noticed in particular. First of all, an excellent medical program that is almost entirely paid for by the company. Second, a very generous 401(k) match. That coupled with a profit sharing contribution that also goes into the employees’ tax deferred balances, meant that employees of Spiratex have significantly higher average retirement savings in their balances than we find in most companies.”
— Dan McCarthy, 10 Best judge and consulting actuary, Milliman, Inc.
