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Veridian

Company Facts

  • Location: Waterloo, Iowa
  • Type of business: Credit union
  • Number of employees: 517
  • Founded: 1934
  • Web site: www.veridiancu.org

Benefit highlights

    “We take pride in being an employer of choice and having a strong reputation in the communities we serve as an employer that provides great benefits.”

    Renee Christoffer, senior vice president of administration, Veridian Credit Union

  • 100 percent employer-paid medical insurance premiums for employees and dependents
  • Offers Health Savings Account
  • 401(k) plan with a 100 percent match up to five percent of pay; average employee deferral of eight percent
  • Profit sharing plan with an average contribution of 10 percent
  • 100 percent employer-paid premiums for long-term disability, accidental death & dismemberment and life insurances

Percent of employees participating in 401(k) plan: 78 percent

How they’ve continued to protect the financial security of employees in this economy:  
“We maintained our benefits and our salary increases,” says Renee Christoffer, senior vice president of administration, Veridian Credit Union. The credit union kept a close eye on costs and the impact on employees, and they made sure to keep the lines of communication open. “We’ve been very honest with employees about the increases we’re seeing and how they can help control our costs,” Christoffer says.

Other interesting facts:

  • Offers 100 percent employer-paid healthcare coverage for retirees and part-time employees
  • Employees are given flex dollars covering 100 percent of premiums for purchasing medical and dental insurance. Unused dollars can be deposited into HSA or FSA accounts
  • Robust wellness program includes a wellness coordinator and biometric screenings

Charity selected by Veridian to receive $2500 from The Principal Financial Group Foundation:  Cedar Valley United Way www.cedarvalleyunitedway.org

Benefits consultants for Veridian Credit Union

  • Vision, medical, dental, group long term care, wellness program and flexible spending accounts: John P. Monaghan, registered health underwriter, president Group Benefits Design Corporation. John also nominated Veridian for this honor.
  • Retirement plan design and compliance: Sharon Severson, CPC, QPA, ERPA, director, Retirement Plan Products, CUNA Mutual Group
  • Group Term Life, Voluntary Group Life, Long Term Disability plans: Michael J. Roche, Employee Benefit Sales Specialist, CUNA Mutual Group

Why Judges Selected Veridian Credit Union

Watch a video of comments from 10 Best judge David Wray, president of the Profit Sharing/401k Council of America (PSCA)

Video Transcript: “Veridian Credit Union has an excellent program. Their wellness program is not to be believed. They have so much creativity and what’s important is they actually measure for result. Forty percent of their people have actually gone through the medical screening which is really amazing to me. Second thing is they have a rich medical program, which is 100 percent paid for by the employer, by Veridian, for both the employee and the dependent family. Their commitment to retirement security is excellent.” – David Wray, 10 Best judge and president of the Profit Sharing/401k Council of America (PSCA).

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