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Peoples Bank Announces Enhanced Employee Benefits in Response to Tax Reform Legislation

January 8, 2018

WhatcomTalk

In response to the newly passed tax reform legislation, Peoples Bank today announced new investments in its employees. Specifically, Peoples Bank will raise the minimum wage to $15 for all hourly employees, effective February 1, 2018, and will increase its 401K match one point to eight percent for all eligible employees, effective immediately.

“These new employee benefits reflect our ongoing commitment to doing what is right at every step, and our People Come First philosophy which guides the decisions we make in support of our customers and employees,” said Charles LeCocq, Chairman of the Board and Chief Executive Officer. “The new corporate tax reform package is an opportunity to give back to our employees, and recognize their hard work and dedication to providing our customers with a full relationship banking experience and exceptional customer service.” Read more...
 

Peoples Bank Raises Wage To $15 Citing Tax Bill

Bellevue Patch

BELLEVUE, WA - From Peoples Bank: In response to the newly passed tax reform legislation, Peoples Bank (https://www.peoplesbank-wa.com/) today announced new investments in its employees. Specifically, Peoples Bank will raise the minimum wage to $15 for all hourly employees, effective February 1, 2018, and will increase its 401K match one point to eight percent for all eligible employees, effective immediately.

"These new employee benefits reflect our ongoing commitment to doing what is right at every step, and our People Come First philosophy which guides the decisions we make in support of our customers and employees," said Charles LeCocq, Chairman of the Board & Chief Executive Officer. "The new corporate tax reform package is an opportunity to give back to our employees, and recognize their hard work and dedication to providing our customers with a full relationship banking experience and exceptional customer service." Read more...
 

Peoples Bank Boosting Employee Benefits

MyEverettNews.com

Peoples Bank, which has been expanding its presence in Everett, today announced it is boosting base pay for hourly employees and benefits for all workers. Here is a release received this morning:

In response to the newly passed tax reform legislation, Peoples Bank (https://www.peoplesbank-wa.com/) today announced new investments in its employees. Specifically, Peoples Bank will raise the minimum wage to $15 for all hourly employees, effective February 1, 2018, and will increase its 401K match one point to eight percent for all eligible employees, effective immediately. Read more...
 

Peoples Bank Announces Enhanced Employee Benefits in Response to Tax Reform Legislation

Mount Vernon Chamber of Commerce

In response to the newly passed tax reform legislation, Peoples Bank (https://www.peoplesbank-wa.com/) today announced new investments in its employees. Specifically, Peoples Bank will raise the minimum wage to $15 for all hourly employees, effective February 1, 2018, and will increase its 401K match one point to eight percent for all eligible employees, effective immediately.

“These new employee benefits reflect our ongoing commitment to doing what is right at every step, and our People Come First philosophy which guides the decisions we make in support of our customers and employees,” said Charles LeCocq, Chairman of the Board & Chief Executive Officer. “The new corporate tax reform package is an opportunity to give back to our employees, and recognize their hard work and dedication to providing our customers with a full relationship banking experience and exceptional customer service.”

Peoples Bank will continue to invest in the communities in which its employees live and work through generous sponsorship and grant support to local nonprofits and community organizations. The Bank also supports employees through its wellness program, Wholepeople, which includes a $200 annual Wellness Reimbursement, paid time off for community service, and other benefits designed to promote a healthy mind, body, and community. Read more...
 

As companies give bonuses after tax reform, prospect of pay gains still hazy

By Josh Boak and Christopher Rugaber | The Seattle Times

WASHINGTON — American Airlines is handing out $1,000 bonuses to its employees. So are AT&T, Bank of America, Comcast and JetBlue. The same for Alaska Air and First Financial Northwest in the Seattle area.

Such announcements, coming from dozens of companies, have followed the passage of the Republican tax plan that President Donald Trump signed into law last month. The plan slashed the corporate tax rate from 35 to 21 percent. The companies say the bonuses they’ve announced are a way to share some of their bounty with their workers.

The bonuses are one-time payouts, not the permanent pay raises that Trump and congressional Republicans have said will eventually result from the corporate tax cuts. Over time, bonuses are far less valuable to employees than wage increases.

Beyond the worker bonuses that have been announced, typically for $1,000, about a dozen banks have said they will raise their minimum wages. A handful of mostly small companies, including Seattle-based Washington Federal Bank and Bellingham-based Peoples Bank, have announced pay increases for most of their workforces. And a few, including Visa and Aflac, have said they will raise their contributions to their employees’ retirement plans. Read more...
 

Peoples Bank raises employees wages, responding to tax reform

KGMI News

BELLINGHAM, Wash. – Bellingham-based Peoples Bank is raising employee’s wages in response to the tax reform package passed last month.

Starting February 1st, Peoples Bank will raise the minimum wage it pays its hourly workers to $15 per hour.

And it will increase its 401k match one percent to a total of eight percent for eligible employees.

Peoples Bank is locally owned and operated and has 25 branches throughout Washington. Read more...
 

This Bellingham-based bank is raising wages as a result of federal tax reform

By Dave Gallagher | The Bellingham Herald

Peoples Bank has joined other companies who say they are investing in its employees in response to recently passed federal tax reform legislation.

The Bellingham-based bank said it was raising the minimum wage to $15 an hour for all hourly employees and is increasing its match to each eligible employee’s 401K retirement benefits to 8 percent, according to a news release. Peoples Bank also will evaluate how to minimize wage compression for employees already making around $15 an hour, said Samara Villasenor, a spokeswoman representing Peoples Bank. Read more...
 

Edmonds bank raises minimum wage to $15

By Brian Soergel | Edmonds Beacon

Citing President Trump’s tax reform legislation, Peoples Bank – which has a branch in Edmonds – this week announced it will raise the minimum wage to $15 for all hourly employees, effective Feb. 1, and will increase its 401(k) match 1 point to 8 percent for all eligible employees, effective immediately.

The bank – founded in 1921 with headquarters in Bellingham – isn’t the first to raise its minimum wage. Bank of America, also with a branch on Main Street, raised it from $13.50 to $15 in 2017. Wells Fargo, with a branch on Edmonds Way, pays its entry-level employees $13.50 to $17 per hour, depending on qualifications.

This is good news for tellers and personal banking assistants, who are among the lowest-paid workers in the fast-food, home care, retail and food service sectors, according to the National Employment Law Project, which works to create jobs, expand access to work and strengthen protections and support for low-wage workers and the unemployed.

“For three generations, Peoples Bank’s ownership has worked to deliver on its mission to be the highest quality, best managed and most respected community bank in the Pacific Northwest,” said Vern Woods, branch manager of Peoples Bank on Main Street. Read more...
 

Banks Continue Post-Tax Reform Bonuses, Wage Hikes

ABA Banking Journal

With banks of all sizes continuing to announce post-tax reform initiatives to share savings with customers, employees and communities, the American Bankers Association is refreshing daily its page at aba.com/EnergizingTheEconomy documenting these efforts. The page helps the public and policymakers understand the real-world effects of the historic tax reform bill.

Other additions have been announced in recent days:

  • Regional bank and card issuer Capital One, based in McLean, Va., raised is U.S.-wide minimum wage to $15 per hour.
  • Camden, Maine-based Camden National Bank announced a $1,000 bonus for full-time employees, a $750 bonus for part-timers and new funding both for customer-focused technology upgrades and for its community giving.
  • First Financial Bancorp, Cincinnati, announced a new $15 per hour minimum wage and made an additional $3 million contribution to its charitable foundation.
  • Peoples Bank in Bellingham, Wash., also announced a $15 per hour minimum wage and raised its 401(k) match one percentage point to 8 percent.
  • Bank of Advance in Advance, Mo., paid $1,000 bonuses to all staff.
  • Geneva, Neb.-based Heartland Bank paid a $1,000 bonus to full-time, non-executive employees and a $500 bonus to part-timers.
  • American Community Bank and Trust in Woodstock, Ill., provided $500 to each employee and announced additional hiring plans. Read more...
 

Tax Reform Allows Banks to Invest in Employees and Communities

American Bankers Association

The first major overhaul of the tax code in three decades includes a long list of major changes such as lower business tax rates. Banks previously paid one of the highest effective tax rates of any industry, so the reform represents a significant change for many institutions.

Since the bill's passage, banks of all sizes have announced individual plans to invest their projected tax savings in ways that will help energize the U.S. economy and help their communities. Many are choosing to invest in their most important asset—their people—by boosting wages and other compensation. Others are expanding their philanthropic commitments and investing in new technologies to enhance customer experience.

ABA fully supports these bank initiatives and believe they highlight how banks will use tax reform to benefit the broader economy and all Americans.

Here is a list of public announcements by banks so far in alphabetical order:

  • Peoples Bank
    • Increase minimum wage to $15 per hour
    • Increase 401(k) match one point to eight percent for all eligible employees. Read more...
 

Peoples Bank Announces Enhanced Employee Benefits in Response to Tax Reform Legislation

Whatcom Business Alliance

Bellingham, WA – January 8, 2018 – In response to the newly passed tax reform legislation, Peoples Bank (https://www.peoplesbank-wa.com/) today announced new investments in its employees. Specifically, Peoples Bank will raise the minimum wage to $15 for all hourly employees, effective February 1, 2018, and will increase its 401K match one point to eight percent for all eligible employees, effective immediately.

“These new employee benefits reflect our ongoing commitment to doing what is right at every step, and our People Come First philosophy which guides the decisions we make in support of our customers and employees,” said Charles LeCocq, Chairman of the Board & Chief Executive Officer. “The new corporate tax reform package is an opportunity to give back to our employees, and recognize their hard work and dedication to providing our customers with a full relationship banking experience and exceptional customer service.” Read more...
 

Peoples, HomeStreet banks bump lowest salaries after tax cut

Everett Herald

Peoples Bank and HomeStreet Bank have both announced that the institutions intend to raise the minimum wage for employees to $15 an hour.

The pay raise comes in response to the recent federal tax cut passed last month by Congress and signed into law by President Donald Trump.

Peoples Bank, which is headquartered in Bellingham, will raise salaries for about 40 employees by Feb. 1. The bank also intends to increase its 401k match by 1 percentage point to 8 percent for all eligible employees, effective immediately. Peoples Bank has five branches in Snohomish County and two in Island County. Read more...
 

Sponsors cite new tax law in improving 401(k) plans

By Robert Steyer | Pensions & Investments

The ink was barely dry on President Donald Trump's signature when several companies announced the new tax overhaul law had prompted them to enhance their 401(k) plans and make other benefit changes such as raising the minimum wage or offering one-time bonuses.

The handful of companies taking action so far on their defined contribution plans represents an outlier to the retirement plan universe. Executives at some of the companies said they had been contemplating improvements, noting the tax law overhaul provided a catalyst for action.

"We were considering increasing the match, along with other benefit enhancements," Michelle Barrett, chief retail banking and marketing officer of Peoples Bancorp, Bellingham, Wash., wrote in an email response to questions. "The tax reform just expedited the process."

Her company announced this month‚Äč it would raise the employee match to its 401(k) plan to 8% of annual pay from 7%, effective immediately. It provides a dollar-for-dollar match, and the match is applied quarterly. Read more...
 

Peoples Bank bumps up 401(k) match

By Amanda Eisenberg | Employee Benefit News

Peoples Bank, a Washington bank chain with $1.6 billion in assets under management, increased its 401(k) match by 1% and raised its minimum wage in wake of the Tax Cuts and Jobs Act of 2017.

The bank, which has 430 salaried and hourly workers at 25 locations within a few counties in Washington, announced this month it increased its 401(k) employee match to 8% of annual pay from 7% for all eligible employees. All employees over the age of 21 have access to the company’s 401(k) and its match, says Christine Lewis, vice president, director of human resources.

The 401(k) account is on a vesting schedule that increases by 20% over a five-year period, and employees are eligible for the match 90 calendar days after their start date.
See also: SunTrust ups 401(k) match, minimum wage

“We wanted to share in the savings from the tax reform changes,” says Michelle Barrett, chief retail banking and marketing officer. “It is a meaningful benefit enhancement for everyone. We felt that the 401(k) has the opportunity to impact everyone.”

The Bellingham, Washington-based bank also said it will raise the minimum wage to $15 an hour, from $13, on Feb. 1. Read more...
 

Peoples Bank sets its own $15 minimum wage

Lynden Tribune

BELLINGHAM — In response to the tax reform bill passed by Congress in December, Peoples Bank (https://www.peoplesbank-wa.com/) will make new investments in its employees. Specifically, the bank will raise its minimum wage to $15 for all hourly employees, effective Feb. 1, 2018, and will increase its 401k match one point to 8 percent for all eligible employees, effective immediately.

“These new employee benefits reflect our ongoing commitment to doing what is right at every step, and our People Come First philosophy which guides the decisions we make in support of our customers and employees,” said Charles LeCocq, chairman of the board and chief executive officer. “The new corporate tax reform package is an opportunity to give back to our employees. We recognize their hard work and dedication in providing our customers with a full relationship banking experience and exceptional customer service.” Read more...
 

Local banks raise wages after federal tax cuts

By: Emily Hamann | The Bellingham Business Journal

Peoples Bank and HomeStreet Bank have both announced that the institutions intend to raise the minimum wage for employees to $15 an hour.

The pay raise comes after the recent federal tax cut passed last month by Congress and signed into law by President Donald Trump.

Peoples Bank, which is headquartered in Bellingham, planned to raise the salaries for about 40 employees by Feb. 1. The bank also intends to increase its 401k match by one point to 8 percent for all eligible employees, effective immediately. Read more...
 

Peoples Bank Announces Enhanced Employee Benefits in Response to Tax Reform Legislation

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