The handful of plan sponsors that have stepped up matches to 401(k) plans in the wake of the tax bill do not yet constitute an industry-wide trend.
Visa, Aflac, and SunTrust Bank announced increased employer matches along with other bonuses since the reform bill was signed in December. Nationwide Mutual Insurance Co., which has a retirement plan recordkeeping arm that services more than 35,000 small plans, said it would increase its match to 50 percent of the first 7 percent of pay employees defer, up from the first 6 percent.
Time will tell if other sponsors follow suit, says Geno Cufone, senior vice president for retirement administration at Ascensus.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
