The 2009 Principal 10 Best Companies—Benefits at a Glance
Medical Coverage
The Principal 10 Best Companies share significantly in the costs of health care insurance and there is significant increase in commitment to wellness programs.
- 100 percent of The Principal 10 Best Companies-2009 offer medical insurance
- 90 percent of the winner companies pay at least 85 percent of an employee's medical insurance
- 9 of the 10 companies pay 75 percent or more of dependents' premium
- 7 of the 10 companies offer medical insurance and/or prescription drug coverage to their part-time workers
- All of the winners offer wellness programs
Retirement Plans
- All 10 companies offer retirement plans
- 4 companies offer a defined benefit pension plan
- Among the 401(k) or 403(b) retirement plans offered
- Average employee participation rate was 87 percent
- All 10 provide match to employee 401(k) contributions
- Average deferral rate is 7.2 percent
Insurance Coverage
- 100 percent of the companies pay for group life insurance
- All 10 of the companies pay 100 percent premiums for long-term disability coverage
- 80 percent of the winning companies pay for 100% premiums for short-term disability
- 70 percent of the winning companies offer long-term care insurance, 3 companies pay 100% of the premium
Benefit Communication and Education
- All of The Principal 10 Best Companies place a top priority on education and communication, and employ multiple methods of reaching employees
- 100 percent provide one-on-one meetings with financial planners or benefit specialists paid by the employer
- Other popular communications tactics include total annual compensation statements, website postings, retirement seminars, employee meetings and benefit fairs
Average Voluntary Turnover Rate: 8.9 percent, well below the national average of 22.6%
