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Major Employers Among Those Raising Retirement Benefits

Major employers are among those that have increased their retirement benefits in the wake of the enactment of the Tax Cuts and Jobs Act (TCJA), according to a recent report.

The Senate Republican Communications Center has reported that the following employers are among the “more than 400 companies” Senate Majority Leader Mitch McConnell (R-KY) said on the Senate floor on March 6 have enhanced their employee benefits and “are also significantly expanding their contributions to workers’ retirement savings accounts.”

FedEx Corp., with more than 400,000 employees, on Jan. 26 announced a voluntary contribution of $1.5 billion to the FedEx pension plan following the enactment of the TCJA.

Honeywell, with more than 130,000 employees, said on Jan. 26 that due to its strong performance in 2017 and the enactment of the TCJA, it is increasing its 401(k) match.

Anthem, Inc., with more than 50,000 employees, said on Feb. 6 that it was making a one-time $1,000 contribution to the retirement saving accounts of more than 58,000 employees and recent retirees.

MetLife, Inc., with more than 50,000 employees. MetLife, Inc. Chairman, President and CEO Steven A. Kandarian announced Feb. 12 that boosting contributions to retirement plans was one of the actions it was taking “in light of tax reform.”

PNC Bank, with more than 40,000 employees, announced Dec. 22, 2017, the day the TCJA was enacted, that among the actions it was taking is providing an additional $1,500 to the existing pension accounts of 47,500 employees.

CIGNA, with 40,000 employees, announced on Jan. 31 that the net financial benefits tax reform will allow it to add $30 million to its 401(k) employer match program. 

Nationwide Insurance, with more than 30,000 employees, announced on Jan. 3 that it will increase 401(k) matching from 50% on the first 6% of employee contribution to 50% on the first 7% of employee contribution, which it says will affect approximately 33,000 associates.

SunTrust Banks, Inc., with more than 20,000 employees, announced on Dec. 28, 2017 a 1% 401(k) contribution to retirement savings for all teammates, in addition to its 6% match. 

AutoNation, with more than 20,000 employees, announced on Feb. 28 plans to double its contribution to workers who save for retirement through its 401(k) plan and would match 50 cents of every $1 an employee contributes to the company’s retirement plan, up to 4% of eligible compensation.

Hostess Brands, Inc., with nearly 20,000 employees, announced on Jan. 31 that it was providing its employees with $500 401(k) contributions.

Keybank, with more than 15,000 employees, announced on Feb 28 that it would contribute $1,000 to the 401(k) plan of every full-time employee who makes $100,000 per year or less, and $500 to the 401(k) plan of every part-time employee; 80% of its workforce will receive the one-time contribution. 

VISA, with 11,000 employees, said on Jan. 8 that it was raising its 401(k) match.

Mastercard, Inc., with 10,000 employees, announced on Feb. 5 that it is increasing the cap on the employer match in its 401(k) plan to 10% of an employee’s salary, from up to 6% of salary. 

Aflac, with 10,000 employees, said on Dec. 28, 2017 that effective in 2018, it was: (1) raising the company’s 401(k) match from 50% to 100% on the first 4% of employee contribution; and (2) making a one-time contribution of $500 to every employee’s 401(k) plan.

Advance Financial Chief Experience Officer Tina Hodges announced on Jan. 5 that one of the ways the company will be sharing tax savings with its employees is to increase its 401(k) match from 3% to 5% for all employees.

Empire National Bank said on Jan. 30 that it was increasing its 401(k) match.

Eberle Communications Group announced on Feb. 28 that it was doubling its 401(k) match from 25% to 50% for all 45 employees.

FMS Bank in Fort Morgan, CO, announced on Jan. 23 that it was increasing its 401(k) match by an additional percentage point in 2018.

F.N.B. Corporation on Jan. 18 announced a discretionary, one-time 401(k) contribution, totaling $1 million, to the vast majority of employees based upon analysis of compensation levels and eligibility.

IDEXX Laboratories Inc. announced on Feb. 2 that for every $1 a 401(k) participant contributes, it will match that amount dollar-for-dollar up to 5% of an employee’s salary. 

Mountaire Corp. Chairman Ronald M. Cameron said on Jan. 26 that effective Nov. 1, 2018, Mountaire’s 401(k) match will be increased to 100% of the first 3% invested, and 50% of the next 2% invested. In addition, employees will be given immediate vesting on 401(k) matching monies.

Nexstar Media Group Inc. announced on Jan. 17 that effective April 1, 2018, its match for 401(k) contributions will double from 25% to 50% of the first 6% of contributions.

Peoples Bank
announced on Jan. 8 that one of the post-TCJA enactment actions it will take is to increase its 401(k) match one percentage point, to 8% for all eligible employees, effective immediately.

Penske Automotive Group, Inc., announced on Jan. 31 that it enhanced its U.S. 401(k) savings plan by increasing company matching contributions from 1.5% to 2.5% of eligible contributions.

Pilgrim Bank announced on Feb 28 a $1,000 contribution to the 401(k)s of all full-time non-officers and a $500 contribution to the 401(k)s of all part-time employees.

Western Alliance Bancorporation announced on Feb. 28 that it will be increasing its 401(k) match from 50% of an employee’s contribution up to 6% of pay to 75% of an employee’s contribution up to that same level. 

SkyWest Airlines said that it plans to increase 401(k) discretionary contributions. 

Tri-State Trailer Sales, Inc. said that effective Jan. 1, it would increase its 401(k) match from approximately 25% to 00% on the first 4% of compensation.