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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