RLI
Company Facts
- Location: Peoria, Ill
- Type of business: Specialty insurer with a diversified portfolio of property and casualty coverages and surety bonds
- Number of employees: 747
- Founded: 1969
- Web site: www.RLIcorp.com
Benefit highlights
- 79 – 91 percent employer-paid medical insurance premiums for employees; 82 percent – 92 percent employer-paid medical insurance premiums for dependents
- 401(k) plan with a 3 percent non-matching contribution, along with a profit-sharing plan with up to a 3 percent company contribution and an ESOP with up to a 12 percent company contribution; average deferral rate of 7 percent
- 100 percent employer-paid premiums for short- and long-term disability insurance
“When people see the power of the 401(k), the ESOP and our profit-sharing programs, they have a direct, tangible link to retaining talent.”
– Jeff Fick, vice president of Human Resources, RLI
Percent of employees participating in 401(k) plan: 83%
How they've continued to protect the financial security of employees in this economy:
RLI maintained—and in some cases improved—their benefits during the recession. “We stayed the course,” says Jeff Fick, vice president of Human Resources, RLI. “We continued our solid retirement plans and even added new investment options to give employees as much choice as possible to adjust their investment selections in the face of a challenging economic environment.
Other interesting facts:
- Pays 100 percent of cost for American Medical Association-recommended preventive screenings through employees’ own doctors to encourage employees to develop relationships with their physicians.
- 401(k) plan includes automatic enrollment and permits automatic deferral increases
- Emphasizes the connection between company performance and performance-based retirement contributions
Why Judges Selected RLI
Watch a video of comments from 10 Best judge Corey Rosen.
Read the transcript
“Certainly, RLI has a very effective healthcare program. But we were particularly impressed with their retirement systems. They have an ESOP to which they contributed 9 percent of pay last year—more in previous years. They also have a fixed contribution to the 401(k) plan. And on top of that, they even have a profit-sharing plan. This provides an exceptional, rich reward system for retirement.”
– Corey Rosen, 10 Best judge and executive director and founder, National Center for Employee Ownership
