Tax Reform Triggers Bump in 401(k) Match
Aflac Inc. has announced that as a result of the tax reform legislation, it intends to invest in “several key areas that will provide long-term benefits for employees” – including a boost in their 401(k) match.According to a press release
, effective in 2018, Aflac will increase the company’s 401(k) match from 50% to 100% on the first 4% of employee contributions, while making a one-time contribution of $500 to every employee’s 401(k) plan.
The firm also said it plans to offer certain hospital and accident insurance products to all employees free of charge, as the company currently does with its core cancer insurance product.
The firm said it expects to increase overall investment in the U.S. by approximately $250 million over three to five years. They weren’t the only ones: AT&T promised
bonuses of $1,000 to more than 200,000 U.S.-based employees (and, in a move that Clarke Griswold would surely approve, said that, if President Trump signed the bill before Christmas, employees would receive it over the holidays), and Boeing announced a pledge of $300 million on “employee-related and charitable investments” as a result of the tax cuts.