The 2010 Principal 10 Best Companies—Benefits at a Glance
Overall
The Principal 10 Best Companies average 264 full and part time employees. The companies spend an average of 23 percent of total compensation on benefits. Eight of the companies spend at least 20 percent of total compensation on benefits.
Medical Coverage and Wellness
The Principal 10 Best Companies share significantly in the costs of health care insurance and there is a significant increase in commitment to wellness programs.
- All 10 of the winning companies offer medical insurance.
- 8 of the companies pay at least 90% of an employee’s medical insurance.
- 7 companies pay 80% or more of dependents’ premium.
- 4 companies offer medical insurance and/or prescription drug coverage to their part-time workers, and pay an average of 93% of the premiums. 3 companies offer health benefits to retired employees, and 2 of these companies pay 100% of the premiums.
- All of the winning companies offer wellness programs. 7 of the 10 companies offer health screenings or assessments, wellness incentives, and/or EAP programs.
Retirement Plans
- All 10 of the winning companies offer retirement plans.
- Among the 401(k) or 403(b) retirement plans offered:
- Average employee participation rate is 88%.
- All 10 provide a match or another type of contribution to employee 401(k) savings.
- Average deferral rate is 7.5%.
- 6 companies offer retirement benefits to part-time employees.
- 5 companies offer profit-sharing plans.
- 3 companies offer a defined benefit pension plan.
- 2 companies offer ESOP plans.
Insurance Coverage
- All 10 of the winning companies pay for group life insurance.
- All 10 of the companies pay 100% of the premium for long-term disability coverage and average a 97% participation rate.
- 9 of the companies pay for 100% of the premium for short-term disability coverage and average a 91% participation rate.
- 3 companies offer long-term care insurance.
- All of the winning companies pay 100% of the premium for accidental death & dismemberment coverage and enjoy a 100% participation rate.
Voluntary Benefits
8 of 10 winning companies offer voluntary/supplemental benefits:
- Group life - 4 companies
- Long-term care - 3 companies
- Accidental death and dismemberment - 2 companies
- Short-term disability - 2 companies
- Long-term disability - 1 company
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.
- All of winning companies 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.
