CONTACT: Elizabeth B. Eckel, Senior Vice President, Marketing 401-348-1309
CONTACT: Teri Shell, Principal Financial Group, 515-283-8858
DATE: September 27, 2005
Washington Trust Honored by National Program For Exceptional Employee Benefits
EDITORS NOTE: The news media are invited to attend the award presentation to Washington Trust by Principal Financial Group during a ceremony being held on Thursday, October 6 at 6:15 p.m. at Foxwoods Golf Club (formerly Boulder Hills) in Richmond.
Westerly, Rhode Island... The Washington Trust Company, a subsidiary of Washington Trust Bancorp, Inc., (Nasdaq National Market; symbol: WASH), has been named one of the 2005 winners of The Principal® 10 Best Companies for Employee Financial Security. An independent judging panel of business leaders and employee benefits experts selected Washington Trust for the company's dedication to its employees as demonstrated by its outstanding package of employee benefits; noting in particular the organization's commitment to health care insurance and retirement savings. Washington Trust was selected from over 400 nominated companies for this prestigious award.
The Principal 10 Best Companies for Employee Financial Security is a national program that recognizes growing companies (between five and 1,000 employees) that excel at contributing to their employees' long-term financial security, particularly through employee benefits.
"In a benefits landscape that is rife with cost pressures, the judges were extremely impressed that The Washington Trust Company has maintained a solid commitment to help its employees achieve financial security," said Renee Schaaf, vice president at the Principal Financial Group. "Washington Trust stood out among the competition and is a role model for providing the very best in employee benefits." A summary of best practices gleaned from Washington Trust and other winners will be published in a Best Practices guide, available in January 2006 at www.principal.com.The judges were very high on this company, particularly because we had a sense that they invested in their employees," said Karen Ignani, president and CEO of America's Health Insurance Plans (AHIP) and judging panel member. "We very much liked their health benefits with no lifetime maximum. We also liked the fact they offer a defined benefit pension plan and a very good 401(k) plan. They also invest in wellness programs."
The Washington Trust Company, which is the oldest community bank in the United States, has 472 employees. Washington Trust's commitment to its employees has enabled it to implement a benefits program that is well aligned with employee needs.
"It's a great honor to be recognized as one of The Principal 10 Best Companies for Employee Financial Security," said John C. Warren, chairman and chief executive officer of Washington Trust. "Our employees are our greatest asset and we strive to provide the best compensation and benefits programs for them. This, in turn, contributes to improved employee satisfaction, increased morale and loyalty."
Washington Trust provides its 472 employees with top-of-the-line benefits including:
- 80 percent employer-paid medical insurance premiums for employees and dependents
- 401(k) plan with employer match of 50 percent of the first two percent of pay deferred, then 100 percent of the next two percent of pay; average 401(k) deferral of nine percent
- Defined benefit pension plan
- Access to retiree medical and prescription drug coverage
A distinguished panel of judges worked with Mathew Greenwald & Associates, a premier market research company, to choose the winners based on how companies select, manage and provide benefits and other programs that contribute to their employees' financial security. The names of the entrants were not revealed to the judges until after they selected the winners.
In conjunction with receiving the award, The Principal Financial Group will make a donation of $2,500 to the United Way of Rhode Island on behalf of Washington Trust.
The Washington Trust Company is the largest independent bank headquartered
in Rhode Island. A state-chartered bank, Washington Trust offers
a full range of financial and wealth management services through
its 16 branch offices located in Rhode Island and southeastern Connecticut.
Founded in 1800, the Bank is a subsidiary of Washington Trust Bancorp,
Inc., whose common stock trades on The NASDAQ Stock Market®
under the symbol WASH. Web site address: www.washtrust.com.
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 $187.8 billion
in assets under management and serves some 15.2 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.
