The Summit Federal Credit Union
"As an organization, we strive to provide highly competitive benefits that allow our employees a positive quality of life. By delivering a wide variety of enriched benefits to our staff, we have become a highly desirable employer in Western New York."
– Laurie Wiest, VP of Human Resources, Training and Development, The Summit Federal Credit Union
Company Facts
- Location: Rochester, Seneca Falls & Buffalo NY
- Type of business: Credit union
- Number of employees: 160
- Founded: 1941
- Website: www.summitfcu.org
Benefit highlights
- 88% employer-paid medical insurance premiums for employees and dependents.
- $250 monthly payroll contribution to full time employees who use another medical plan through a spouse or partner.
- 401(k) plan with an employer match of 50% up to 4% of pay deferred; average employee deferral of 5.6% percent.
- Defined benefit plan.
- 100% employer paid premiums for long-term and short-term disability insurance
Percent of employees participating in 401(k) plan: 96%
How they've continued to protect the financial security of employees in this economy: The Summit recently switched to an experience-rated EPO health care plan to better meet the needs of employees. This change allowed the company to enhance their healthcare benefit while significantly reducing employees' costs.
Other interesting facts:
- Management chose to forgo their annual merit increases so the staff could maintain their bonus and merit increases.
- Increased financial education efforts to help employees deal with the economic downturn.
- Created a SUMFUN Committee to boost employee morale, improve wellness and provide a positive work environment with low/no cost group events like picnics, trips and sporting events.
Why Judges Selected The Summit Federal Credit Union
Watch a video of comments from 10 Best judge David L. Wray.
Read the transcript
"The Summit Federal Credit Union is program is outstanding. They don't just say they care about their employees, they really mean it. As evidenced by their, by the commitment that they have made to their healthcare programs. Even in these times, they have made a great commitment to their health, to the healthcare of their employees."
— David L. Wray, 10 Best judge and president of The Profit Sharing/ 401kCouncil of America (PSCA)
