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 MORAN Cited As 'National Role Model' For Its Employee Benefits Program When it comes to benefits, MORAN employees are beneficiaries of an exceptional medical insurance and retirement savings program described as one of the "ten best for employee financial security" in 2004-2005. MORAN was one of 10 small- to medium-sized companies presented with the Principal 10 Award, awarded annually by the Principal Financial Group (PFG), a national benefits management company. An independent judging panel of business leaders and employee benefits experts selected MORAN out of 500 nominated companies for its dedication to its employees as demonstrated by its outstanding package of employee benefits, noting in particular the company's commitment to health care insurance and retirement savings. This was the fourth year in which PFG, a public company traded on the New York Stock Exchange, presented its employee benefits awards.  "In a benefits landscape that is rife with cost pressures, the judges were extremely impressed that Moran Towing has maintained a solid commitment to help its employees achieve financial security," said Renee Schaaf, a PFG vice president. MORAN, with more than 800 employees working on the Eastern Seaboard and in the Gulf of Mexico, offers its employees an 80 percent employer-paid medical insurance program, a generous, matching 401-K savings plan, a 100 percent employer-paid long-term disability program, and company-paid life and accidental death or dismemberment insurance. "All the judges were impressed that, given the demographics of MORAN, with employees on tugs and barges in many areas, the company has maintained an exceptionally strong commitment to not only provide them with excellent health and retirement benefits, but to help employees understand what those benefits are and how to use them well," said Corey Rosen, executive director and founder of the National Center for Employee Ownership, one of the judges involved with the award. As part of an award ceremony held at MORAN headquarters in New Canaan, company officials were presented with a check for $2,500, payable to the charity of their choice in the name of Moran Towing. MORAN chairman and CEO Paul Tregurtha turned the check over to the Carl and Dorothy Bennett Cancer Center at Stamford Hospital. "The whole arena of benefits for employees is a key driving factor for our company," said Tregurtha. "Having the best possible benefits program is always in the best interests of a company, but more important, there’s no question that it's the right thing to do," he added. "We try to provide these benefits in a working environment where one has the added longer term security of working for a company that is financially sound and growing." Jerry Ripperger, director of consumer health for Principal, said at the award ceremony that MORAN should be held up as a role model because of the nature of its benefits package. The fact that MORAN has 95 percent of its employees enrolled in its 401K plan puts it in the upper portal of all companies in the United States, he said. And, the fact that the company still maintains an 80 percent paid health insurance program in the face of relentlessly rising costs is another sign of a"standout" program, he said. The Principal 10 Awards honor 10 companies each year that are categorized as “growing businesses” with up to 1,000 employees. Of the nine other companies awarded, MORAN had the largest number of employees.  "Considering that there were more than 500 companies in the running, we're proud of the fact that we were in the top 10," said Jeff McAuley, MORAN’s vice president of finance. "The message here is that a panel of third-party experts looking at our plans recognized that this is a company that provides its employees with an exceptional set of benefits." Accessibility and education are important aspects of the MORAN benefits package, and both are, in part, offered through a dedicated website managed jointly with the company's benefits manager. Called EBView, the website allows employees to gain access to information about their benefits at any time. An employee-specific ID and password are required to gain access to the site. Once an employee is logged in, he or she can obtain information about any aspect of the plan including schedules of benefits, forms, medical plan comparisons, links to provider websites, FAQ's, HR contracts and a learning center. In addition to the website, MORAN also has benefits administrators in New Canaan who are available to assist individuals with questions or problems. |
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50 Locust Avenue | New Canaan, CT 06840-4737 USA | Tel: 203.442.2800 |
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