Associates for International Research, Inc. (AIRINC)
- Location: Cambridge, Mass.
- Type of business: Human resources consulting firm in the field of global mobility
- Number of employees: 89
- Founded: 1954
- Web site: www.air-inc.com
- 90 – 100 percent employer-paid medical insurance premiums for employees and dependents
- 100 percent employer-funded health reimbursement account (HRA)
- 401(k) plan with a 50 percent employer match up to 6 percent of pay, with a 3 percent non-matching employer contribution; average employee deferral of 10 percent
- Profit sharing plan
- 100 percent employer-paid premiums for short- and long-term disability insurance
“Our employees have long-term relationships with our clients. Our benefits help keep employees here so they can maintain those relationships over time.”
–Steve Brink, CEO, AIRINC
Percent of employees participating in 401(k) plan: 99 percent
How they’ve continued to protect the financial security of employees in this economy:
AIRINC works hard to control benefit costs so they can maintain the company’s benefits. “We made conscious decisions over the years to make plan designs and vendor changes to cut costs behind the scenes,” explains Julia Pilleri, assistant controller, Associates for International Research, Inc. “Benefits are a crucial part of people’s compensation. When organizations make decisions to cut back benefits, I think it’s shortsighted.”
Other interesting facts:
- 401(k) plan features automatic enrollment
- Pays 100 percent of medical premiums for retirees
- Offers targeted retirement planning education based on life stage
Charity selected by AIRINC to receive $2500 from The Principal Financial Group Foundation: Boston Fisher House Foundation, Inc., www.fisherhouseboston.org
Financial professionals who advise on AIRINC’s benefit plans:
- 401(k) plan: Jonathan C. Wolff, Lightship Wealth Strategies, Inc.
- Health and welfare plans: Kevin O'Connor and Robert Williams, Strategic Employee Benefit Services (division of Northwestern Mutual Insurance)
Why Judges Selected AIRINC
Watch a video of comments from Principal 10 Best judge, Lisa Kotler, senior vice president, Retirement Services Corporate Benefits, NFP Insurance Services, Inc.
Video Transcript: “AIRINC really seems to have very much of a commitment to their employees. They really want to help promote work-life balance. They want to make their employees feel secure from a financial perspective, from a job security perspective. And they’re really done a lot of things to hopefully help their employees feel that.
They have an excellent health care plan. Their health plan is probably one of the best that I know that I’ve seen. The employer pays for almost everything. And I think that really takes such a burden off the employee to not have to worry about that and to know that they’re really well taken care of.
And then on top of that, the retirement plan is incredibly generous. There is a tremendous amount of contribution from the employers into the plan. But then they also have the employees can contribute and they have almost a hundred percent participation in their plan, which is very unusual. So obviously they are doing something right. And the average deferral rate is 10 percent and that’s really, really high.
So they’re obviously doing something right in terms of getting their employees into the plan, getting them in a high enough level that they can hopefully really prepare for retirement. And then on top of that, the employer is putting in a very rich contribution.”
– Lisa G. Kottler, 10 Best judge and Senior Vice President, Retirement Services Corporate Benefits, NFP Insurance Services, Inc.