Torch Technologies, Inc.
“Having a strong benefits foundation and a strong total compensation foundation are critical factors in attracting and retaining highly skilled technical talent in our market.”
– Scott Parker, Chief Administrative Officer, Torch Technologies, Inc.
Company Facts
- Location: Huntsville, Ala.
- Type of business: Provides scientific and engineering services to the Department of Defense
- Number of employees: 156
- Founded: 2002
- Web site: www.torchtechnologies.com
Benefit highlights
- 85% – 90% employer-paid medical insurance premiums for employees
- 80% – 90% employer-paid medical insurance premiums for dependents
- 401(k) plan with 100% match up to 3% of pay deferred, plus safe harbor contribution of 3% of pay; average employee deferral of 9%
- Profit sharing plan with company contribution of 5%
- ESOP with company contribution of 4%
- 100% employer-paid premiums for short- and long-term disability insurance
Percent of employees participating in 401(k) plan: 98%
Greatest impact on financial security of employees: The leadership of Torch Technologies are firm supporters of the company’s ESOP. “Part of what we want to create here is an organization that has control of its own destiny. Our employees don’t have the uncertainty and pressures they would have if we were publicly traded or up for sale. It’s an additional form of security for them,” said Bill Roark, CEO, Torch Technologies.
Other interesting facts:
- Offers one-on-one meetings with a financial planner
- Offers identity fraud expense reimbursement insurance
- Part-time employees participate in all retirement plans and ESOP
Why Judges Selected Torch Technologies, Inc.
Watch a video of comments from 10 Best judge Corey Rosen, executive director and founder, National Center for Employee Ownership
Read the transcript
“The judges were really impressed with how much Torch Technologies was putting into its retirement plans. They were at the very top of the list of a very competitive group. Their ESOP is very impressive; very high benefits for employees being offered through that, but there are other plans as well. So that really stood out. We also, of course, were impressed with a very comprehensive health care plan and then, not surprisingly, the turnover rate in this company was almost nonexistent. So a lot of people are going to accrue a lot of benefits through these plans.”
— Corey Rosen, 10 Best judge and executive director and founder, National Center for Employee Ownership
