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Pinnacol Assurance

By: Source: AARP.org Date Posted: 2006-08-30 10:08:43.261757-04:00

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Winning years:  2007, 2006, 2005
Industry:  Financial Services
Location:  Denver, CO
URL:  www.pinnacol.com

Highlights of 2007 Winning Strategies

Pinnacol Assurance offers on site college courses in partnership with a local college, on site insurance-specific classes, and certificate programs. Employees receive cash incentives for earning professional designations or certificates. Every employee receives an ergonomic evaluation when hired or as requested to ensure that workspaces meet employees' physical needs. Pinnacol implements accommodations such as sit-stand work stations, job restructuring, and reassignment if needed for employees with special needs.

Additional Policies and Practices:

• Recruiting: Pinnacol hires retirees and former employees to assist with temporary and part-time assignments through the Pinnacol Assurance Alumni program.
• Workplace Culture/Continued Opportunities: To its full- and part-time employees, Pinnacol offers these learning and development programs: tuition reimbursement, in-house classroom training, on-line training, and certification classes. Employees must work 30+ hrs/week to be eligible for the tuition reimbursement program. In the past 12 months, 100% of Pinnacol employees participated in at least one of the training opportunities with an average of 32 hours spent in training. Based on employee feedback, the company has made these improvements to policies/benefits: domestic partner benefit added, adoption assistance, increased tuition level payouts, on site college classes, added 457 plan, on site health and wellness classes, eldercare resource intranet page, free flu shots, on site Weight Watchers program, subsidized smoking cessation program, and a new Pinnacol Alumni Program.
• Benefits/Health: Full- and part-time employees (working 30+ hrs/week) receive individual and family medical coverage, individual and family prescription drug coverage, individual and family vision and dental insurance, and short- and long-term disability. Individual and family long-term care insurance is offered to all employees regardless of weekly hours worked. Health benefits for retirees pre-65 and 65+ include individual and spouse medical and drug coverage, vision and dental insurance, long-term care insurance, and life insurance or other death benefit coverage. New hires are eligible for all these benefits upon retirement. Pinnacol offers employees an FSA to assist in covering out-of-pocket health care costs.
• Benefits/Financial: Pinnacol offers a 401(k) and a defined-benefit plan to its full and part-time employees. Employees may invest in lifecycle funds, and employees 50+ can make catch-up contributions. Pinnacol also offers a 457 plan to employees. Employees receive financial planning information from the firm that administers their 401(k) plan, budgeting seminars, and PERA holds on site retirement meetings. The company offers paid time off specifically designated for caregiving, short-term time off without pay and long-term leaves of absence without pay to allow for caregiving. Employees benefit from flexibility programs such as compressed workweeks, modified workweeks, part-time work, and telecommuting. The following wellness programs are offered to full- and part-time employees: flu shots, health screenings, health risk appraisals, health club discounts, physical activity/exercise programs, weight loss programs, stress management training, and mini-sessions on safety and wellness topics. Fifty percent of the company's employees have utilized at least one of these wellness benefits in the past 12 months. The company has an extensive ergonomics program to reduce and prevent associated problems. After one year of the program, the company had a 38% decrease in employee workers' compensation claims. Pinnacol offers backup care for childcare/care for grandchildren, and referral services to assist with childcare/care for grandchildren/eldercare to its full- and part-time employees.
• Benefits/Alternative Work Arrangements: Pinnacol offers the following alternative work arrangements to its full- and part-time employees: flex-time, compressed work schedules, and telecommuting. Full-time employees are eligible to move to part-time work on a permanent and temporary basis.
• Opportunities for Retirees: Pinnacol currently has 160 retirees and an individual directly responsible for retiree relations. The company stays connected with its retirees by communicating regularly, inviting retirees to organization events/celebrations, providing ongoing access to retirement planning workshops/information, and formally acknowledging retirees when they retire. The Pinnacol Alumni program began in 2006. Retirees are offered temporary work assignments, consulting/contract work, and part-time work.
• Age of Workforce: Twenty-two percent of the company's employees are 50+. The average tenure of employees age 50+ is 9 years.

Winning Strategies 2006

Pinnacol Assurance made the following improvements in employee benefits within the past three years due to employee requests:  increased tuition level payouts, implemented a 457 plan, offered diversity training, offered on-site health and wellness classes, developed an elder care resource intranet page, offered on-site subsidized flu shots, and offered a weight watchers program and a subsidized smoking cessation program.

Other Benefits:

• Recruiting: The Pinnacol Assurance Alumni Program keeps alumni in contact with the company and retirees receive e-mail notification of job opportunities.   Pinnacol Assurance relies on its retirees for temporary assignments when they have openings such as employees on vacation or employee leave.
• Workplace Culture/Continued Opportunities: The company offers the following learning and development programs to its full and part-time employees:   tuition reimbursement (8% used in past 12 months), in-house classroom training (100% used in past 12 months), on-line training (21% used in past 12 months), and certification classes (10% used in past 12 months).   Employees must work at least 30 hrs/week to be eligible for the tuition reimbursement program.   The company offers an annual $3,000 tuition reimbursement for undergraduate level courses and $3,500 for graduate level courses.   Mentoring programs, on-the-job training, and job shadowing are other programs offered.   Long-service anniversaries are celebrated with announcements, and awards.
• Benefits/Health: Full and part-time employees (working at least 30 hrs/week) receive individual and family medical coverage, individual and family prescription drug coverage, and individual and family vision and dental insurance, as well as short and long-term disability.   Individual and family long-term care insurance is also offered to employees working only one hour per week.   37% of employees are enrolled in the individual medical and prescription drug coverage plans, while 50% of employees are enrolled in the employee and family medical and drug coverage plans.   60% of employees are enrolled in the individual vision insurance plan, 39% in the employee and family vision insurance plan, 38% in the individual dental plan, 54% in the employee and family dental plan, and 99% in the short and long-term disability plans.   Health benefits for retirees pre-65 and 65+ include individual as well as spouse medical, drug, vision, and dental coverage, individual and spouse long-term care insurance as well as individual and spouse life insurance or other death benefit coverage.   New hires are eligible for all of the above retiree benefits upon retirement.   The company offers a health flexible spending account.
• Benefits/Financial: The company offers a defined benefit, a 401(k), and a 457 retirement savings plan to its full and part-time employees.  Employees age 50+ can make ‘catch-up’ contributions and invest in lifecycle funds with their 401(k).  While the company does not have a matching program for the 401(k), they do provide other compensation through their team and productivity-based incentive program called Gainsharing.  In 2005, the Gainsharing bonus payouts averaged 17.9%.  The company offers referral services to assist with child care and elder care, and back-up care for child care.  The on-site child care and referral service to assist with child care are offered to employees to use for their grandchildren.  The following wellness programs are offered to full and part-time employees:  flu shots, smoking cessation programs, health club discounts, exercise programs, weight loss programs, and stress management training.  In the past 12 months, 36% of employees have utilized at least one of the above wellness programs.
• Benefits/Alternative Work Arrangements: The company offers the following alternative work arrangements to its full and part-time employees:   flex time (90% participation), compressed work schedules (5% participation), and telecommuting (12% participation).   The company offers paid time off that is specifically designated for care giving.
• Opportunities for Retirees: The company currently has 150 retirees. There is an individual who has a direct responsibility for retiree relations.   The company stays connected with its retirees by communicating on a regular basis with the retiree, inviting retirees to organization events/celebrations, and formally acknowledging retirees on the occasion of their retirement.   Retirees are offered the following work arrangements:   temporary work assignments (7 used in past 12 months), consulting/contract work (1 used in past 12 months), part-time work (4 used in past 12 months), and full-time work (3 used in past 12 months).
• Age of Workforce: Twenty-two percent of the company ’ s employees are 50+.   Fourteen percent of the company ’ s past twelve month new hires are 50+.   The average tenure of employees age 50+ is 9 years.

Winning Strategies 2005

Pinnacol Assurance says that its annual satisfaction survey is its most important tool in identifying priorities for improving the work environment and the employee support climate. After a survey, the company implemented a paid time off bank, versus a traditional vacation and sick pay program. Surveys also led to flexible work schedules, telecommuting, and increased tuition reimbursement.

Pinnacol provides diversity training. It has a community volunteer program that allows employees up to 12 hours of paid time off each year to volunteer. It gives all employees who earn professional designations or certifications cash incentives.

Although Pinnacol does not have a formal phased retirement plan, it accommodates employees as they prepare to retire. Employees receive four weeks of leave for caregiving with management approval.

Benefits:

• Employees pay 36 percent of the premium for employee and family health insurance.   The company pays 100 percent of the short- and long-term disability benefit. Part-time employees must work a minimum of 30 hours per week to be eligible for these benefits.
• The organization offers full- and part-time employees defined benefit and defined contribution plans. Employees are allowed to rollover from other plans, borrow from their 401(k), and purchase service credit for the defined benefit plan.

Twenty-four percent of the company’s employees are 50+. Seventeen percent of new hires in the last 12 months are 50+.