First Carolina bank receives regional award
From Contributed Reports
Monday, August 7, 2017
Rocky Mount-based First Carolina Bank recently received the 2017 Best in Benefits award for the Southeast region.
The award recognizes employers who offer the best benefit plans relative to their peers. Four additional organizations also were recognized for their leading benefit programs: Charleston Water System of Charleston, S.C., North American Rescue of Greer, S.C., Security Finance of Spartanburg, S.C., and Shalag US of Oxford.
The Best in Benefits awards were given based on results from the 2017 Benefits Survey for Mid-Market Employers, released by Scott Benefit Services in July.
The survey compares the benefit plans of over 130 mid-market companies in North Carolina, South Carolina and Tennessee and approximately 3,000 companies nationally. Using the plan designs, premiums and contributions from the survey, Scott partnered with a leading actuarial firm to calculate the benefit value and cost for each plan within the actuary’s Health Cost Guidelines. The Best in Benefits rankings were determined by the lowest cost-highest benefit metric.
“In today’s changing healthcare landscape, employers are continually challenged to provide quality and cost-effective benefit plans for their employees,” said Sean Willoughby-Ray, Benefits Practice lead and vice president of Scott Benefit Services. “These five organizations receiving the Best in Benefits award are visionaries who are leveraging creative financing strategies, overcoming organizational barriers and driving new plan designs to deliver the best in employee benefits.”
This marks the 13th year Scott Benefit Services has offered its mid-market benefits survey in partnership with a highly-respected actuarial consulting firm. The survey provides customized benchmarking data for mid-market companies’ benefit plans (50 – 1,000 employees) on regional and national levels.