Christopher Carosa, CTFA, is chief contributing editor for FiduciaryNews.com, a leading provider of essential news and information, blunt commentary and practical examples for ERISA/401(k) fiduciaries, individual trustees and professional fiduciaries.
Remember all the hoopla beginning last summer about how the new tax law would destroy 401(k) plans? This “sky is falling” rhetoric continued right up to (and perhaps a wee bit after) President Trump penned his signature on the landmark legislation.
As we all now know, a funny thing happened on the way to 401(k) Armageddon. Among other compensation and benefit increases directly resulting from the 2017 Tax Cuts and Jobs Act, more than 1 out of every 4 companies have already or intend to raise their 401(k) company match, according to Willis Towers Watson. Indeed, news reports indicate the typical company 401(k) match increase stands at 1 percent.
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