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Total Rewards

A robust and market-competitive
total rewards package with OceanFirst.

While cash makes up the largest portion of total compensation, a significant portion is also provided through indirect pay for health insurance, income protection, retirement, paid time off and other benefits.

 

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Lauren Bell
Director of Compensation & Benefits

Total Rewards

OceanFirst provides a comprehensive benefits and compensation package
that is competitive within the marketplace to attract,
reward and retain highly qualified, motivated and productive employees.
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Retirement Plan

Eligible OceanFirst employees are auto-enrolled in the Bank’s 401(k) Retirement Plan which features diversified investment options, annual auto-escalation, and a safe harbor employer match contribution after one year of service (up to a maximum 3.5% match based on the first 6% of employee deferrals). Additional participant options include pre-tax deferrals and/or Roth post-tax contributions up to IRS maximum limits and catch-up contributions are allowed for participants age 50 and above.

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Gym

Our Red Bank and Toms River Headquarters each house state-of-the-art fitness centers for employees and their eligible family members to enjoy. Fitness center equipment includes free weights, exercise machines, cardio machines such as treadmills and Peloton bicycles, on-demand fitness classes, and fully appointed locker rooms.

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Health Plan

OceanFirst’s comprehensive benefits package supports the needs of our employees and their families. The Bank’s health and welfare programs include three medical plans (including a High Deductible Health Plan with a Health Savings Account), two dental plan options, a vision plan, life and disability plans, flexible spending accounts and commuter benefits.

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Employee Assistance Program (EAP)

OceanFirst provides employees and their household family members with access to a comprehensive Employee Assistance Program (EAP). The EAP is a confidential counseling and referral service designed to assist employees in navigating personal or work-related challenges and life events.

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Wellbeats

OceanFirst’s partnership with Wellbeats provides a complimentary online subscription to on-demand content for all ages, fitness levels and interests. Access virtual fitness, nutrition, and mindfulness classes using a mobile device, tablet, or your desktop computer. Whether you’re an expert at yoga or new to running, looking for ways to eat healthy or need support for your mental health, there are a variety of ways to improve your well-being with Wellbeats.

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Employee Stock Ownership Plan

ESOP is a retirement plan fully funded by the Bank that rewards eligible employees with shareholder ownership. ESOP shares are allocated amongst eligible participants based on regular compensation earned during the year, up to IRS maximum compensation limits. Participants are fully vested after 5 years of service.

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Paid Parental Leave Benefits

Eligible employees who are the caregiver for the newly born, newly adopted, or permanently placed child are eligible for up to eight (8) weeks of paid parental leave benefits at 100% of the employee’s base rate of pay at the onset of leave and are offset by any applicable statutory income replacement programs for which the employee must apply.

YouFirst Wellness Program

We seek to create a culture of wellness throughout the organization that empowers staff to improve and maintain their overall health and well-being through healthy lifestyle choices and supportive resources. The YouFirst Wellness Program focuses on employees’ physical, mental, emotional, social, and intellectual health through communications, activity challenges, and on-demand fitness, nutrition, and mindfulness classes.

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Compensation Strategy

The total rewards strategy incentivizes and rewards individual behaviors that improve the Bank’s performance in a manner consistent with business and strategic plans, while supporting employees’ overall health and well-being.
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Incentive Plan

Branch and corporate staff are rewarded for their contributions to OceanFirst’s financial success through incentive programs, in addition to internal recognition and reward programs that emphasize accomplishments and foster employee engagement. Incentives are based on a combination of individual and Bank performance.
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Pay Equity

Compensation policies and practices at OceanFirst are equitable, competitive and performance driven. The Bank creates compensation systems and objective metrics around recruitment, performance, and advancement. In addition, OceanFirst invests in analysis and transparency to demonstrate a commitment to pay equity.