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Will more plan sponsors raise 401(k) matches?

Records kept by this retirement plan recordkeeper show that 401(k) sponsors had been increasing plan contributions prior to recent tax reform.

By Nick Thornton | Updated on January 19, 2018
A retirement plan recordkeeper's records show that 401(k) sponsors had been increasing plan contributions prior to tax reform.(Photo: Shutterstock)

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.

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Nick Thornton

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.

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