United States Pharmacopeial Convention – 2012 Winner, The Principal® 10 Best
The United States Pharmacopeial Convention’s track record of dedication to employees, along with thorough education, helped the organization maintain employee support despite a needed 10 percent increase in employees’ healthcare costs. “Although we’ve had cost increases in past years, we’ve maintained employees’ levels of benefits—even in the worst of times,” says Susan Bach, vice president, human resources at USP. “Employees have very much appreciated that. By helping them understand why we had to increase premiums this year, we had no negative feedback from employees.”
- 85 – 100 percent employer-paid medical insurance premiums for employees and dependents
- 401(k) plan with a fixed 10 percent employer contribution; average employee deferral of eight percent
- 457(b), 401(a) and 457(f) plans
- 100 percent employer-paid premiums for short- and long-term disability insurance
- 100 percent employer-paid premiums for life insurance
USP relies on these financial professionals:
- Zack Pace, CBIZ, Inc.
- Jean Selby, CBIZ, Inc.
- Sue Anderson, Diversified
USP selected The Reginald S. Lourie Center to receive a $2,500 donation from The Principal Financial Group Foundation, Inc. as part of their Principal 10 Best award.
- Location: Rockville, Md.
- Type of business: Scientific nonprofit organization that sets drug standards
- Number of employees: 717
- Founded: 1820
- Percent of employees participating in 401(k) plan: 100 percent
- Web site: www.usp.org
Why the judges selected them
Lisa G. Kottler, Principal 10 Best Judge and Senior Vice President, Retirement Services, NFP (transcript):
About the company
A nonprofit organization, the United States Pharmacopeial Convention (USP), is a self-sustaining, independent, science-based public health organization. USP is the official public standards-setting authority for all prescription and over-the-counter medicines, dietary supplements and other health care products manufactured or sold in the United States. For close to 200 years, these standards have helped to ensure public health throughout the world.