September 30, 2023
A Pension Believer

Best Companies To Work For In Florida - 2016

A Pension Believer

Mike Vogel | 7/21/2016

For most of the private sector, pension plans have gone into retirement. That’s true of our list of Florida’s Best Companies to Work For. Only one of the 100 has a pension available to the mass of its employees: Capital City Bank, a 917-employee community bank based in Tallahassee.

“We are a company that believes you take care of the people who take care of you,” says COO Bethany H. Corum. The bank in 2000 reduced the pension benefit “slightly” for new hires, but Corum says the goal when it’s combined with a company 401(k) plan is for all workers of comparable pay and experience to come out equal.

Bethany H. Corum

“It’s an important piece in recognizing someone’s contribution to our company and making our company successful.” — Bethany H. Corum, COO of Capital City Bank

Corum says the bank from time to time has weighed the “advantages and disadvantages” of keeping the pension plan. One disadvantage: “It’s not inexpensive.” She declined to discuss costs but, according to the company’s last annual U.S. Securities and Exchange Commission filing, the company in each of the most recent three years has put in $5 million, plus shouldered administrative and other costs. That’s nearly $5,500 per employee.

Employees are fully vested in the pension plan after 10 years. They’re eligible to join the 401(k) on their first day and are vested in the match — 50% up to 6% of pay — at three years. Some 68% of the bank’s workers have been there more than five years; 15% have been there more than 25 years.

Corum says the bank gets approximately 5,000 applications for the 150 openings it averages a year. “Usually we have a good selection of folks,” she says.

Return to the main page:

Tags: Best Companies 2016

Florida Business News

  • Florida’s population boom drives bigger hurricane losses, despite tougher building codes

    Florida leads the nation in strict building codes, and the decades of hard work have paid off in the increasing number of homes and buildings that survive each time a hurricane slashes the state. But all those hard-won gains have been undermined by the explosion of growth along the coast.

  • Business BeatBusiness Beat - Week of September 29th

    Get top news-to-know with Florida Trend's headline-focused video news brief, hosted by digital content specialist Aimée Alexander.

  • Enterprise Florida exiting

    The doors are ready to close on Enterprise Florida, the business-recruitment agency long targeted by state House leaders.

  • Seeking protection

    Three activist groups served notice to the U.S. Fish and Wildlife Service that they intend to sue to force the agency to invoke Endangered Species Act protection for the ghost orchid.

  • State jobless claims decrease

    An estimated 5,155 first-time jobless claims were filed in Florida last week, a decrease from the previous week and below the average for the year.

Florida News Releases

Florida Trend Video Pick

Radioactive roads? Florida has yet to submit application to EPA to start testing
Radioactive roads? Florida has yet to submit application to EPA to start testing

It appears no steps have been taken to begin testing whether slightly radioactive waste from fertilizer production can be repurposed for Florida road construction projects.

Video Picks | Viewpoints@FloridaTrend

Ballot Box

Do you believe that home values in Florida have finally peaked?

  • Absolutely!
  • No way!
  • The jury's still out...
  • Other (Let us know in the comment section below)

See Results

Florida Trend Media Company
490 1st Ave S
St Petersburg, FL 33701
727.821.5800

© Copyright 2023 Trend Magazines Inc. All rights reserved.