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KENNEBEC SAVINGS BANK SELECTED AS ONE OF THE BEST IN THE NATION FOR BENEFITS
Kennebec Savings Bank, based in Augusta, Maine, is one of only 10 growing companies earning national acclaim for using business smarts to offer their employees extraordinary benefits in the face of an economic storm.
As part of the recognition, The Principal Financial Group Foundation, Inc. will make a $2,500 contribution to Kennebec Savings Bank’s charity of choice – United Way of Kennebec Valley– in the company’s name.
An independent judging panel of employee benefits experts named Kennebec Savings Bank as one of the 2009 winners of The Principal® 10 Best Companies for Employee Financial Security, citing its generous retirement and wellness programs.
"Kennebec Savings Bank faces the same challenges as other businesses. What makes them extraordinary is the priority they place on employee financial security,” said Luke Vandermillen, vice president at The Principal®. “They understand the direct connection between strong benefits, a strong workforce and a strong bottom line – in the best and worst of times."
The Principal Financial Group® sponsors the national program, which is now in its eighth year. It honors growing companies for their commitment to their employees’ financial security.
“What sets Kennebec Savings Bank apart is their defined benefit pension plan, an employee benefit that’s not offered anymore like it once was, though it is very important in helping promote financial security,” said Nevin Adams, editor-in-chief, PLANSPONSOR Magazine, PLANSPONSOR.com, PLANADVISER Magazine and judge of The Principal 10 Best Companies. “This benefit, coupled with their generous 401(k) match is a great testament to their commitment to their employees.”
Founded in 1870, Kennebec Savings Bank has 81 employees and is a state chartered mutual savings bank.
“It’s a terrific honor to be selected as one of The Principal 10 Best Companies,” said Mary Hammond, vice president and human resources officer, Kennebec Savings Bank. “Everything we do is about great customer service. That comes from building great relationships with our employees. A happy, secure employee creates a happy, secure customer.”
A summary of best practices from Kennebec Savings Bank and other winners will be published and available in January 2010 at www.principal.com/10best.
The 2009 Winners
- ASCD, Alexandria, VA.
- Credit Union West, Glendale, Ariz.
- Kennebec Savings Bank, Augusta, Maine
- Knoxville TVA Employees Credit Union, Knoxville, Tenn.
- PriMed Management Consulting Services, Inc., San Ramon, Calif.
- Psychological Assessment Resources, Inc. (PAR, Inc.), Lutz, Fla.
- Shenandoah Shared Hospital Services, Inc., Harrisonburg, Va.
- Synaptics Inc., Santa Clara, Calif.
- The Cleveland Foundation, Cleveland, Ohio
- The Summit Federal Credit Union, Rochester, N.Y.
To learn more about the winners and the judging process, visit www.principal.com/10best.
About Kennebec Savings Bank
Kennebec Savings Bank is a $684 million state-chartered mutual savings bank created in 1870 and headquartered in Augusta. With 81 employees, and offices located in Waterville and Winthrop, Kennebec Savings Bank prides itself on being the bank where "the feeling is mutual." It recently earned a five-star rating from BAUERFINANCIAL, the nation’s leading independent bank rating firm, and has received this five-star rating for the past 77 consecutive quarters.
Benefit highlights include:
- 90 percent employer-paid medical insurance premiums for employees and their dependents
- 401(k) plan with an employer match of 100 percent up to 4 percent of pay deferred, then a 50 percent match up to the next 4 percent of pay deferred; average employee deferral of 8.4 percent
- Defined benefit plan
- 100 percent employer-paid premiums for long-term disability insurance
- 100 percent employer-paid premiums for long-term care insurance
About The Principal 10 Best Companies for Employee Financial Security
The Principal 10 Best Companies for Employee Financial Security is a national program that recognizes small– and medium– size companies that excel at giving their employees a financial edge. Entrants must:
- Have between five and 1,000 employees
- Be based in the United States
- Have provided a broad range of employee benefits for at least five years
- Offer traditional employee benefits such as retirement and health, life and/or disability insurance
No entry fee is required. Companies owned by employees of The Principal are not eligible to enter. For more information, visit www.principal.com/10best.
About the Principal Financial Group
The Principal Financial Group® (The Principal ®) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $257.7 billion in assets under management and serves some 18.8 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
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