Thanks to the Trump Republican tax cuts, businesses are expanding benefits for employees and their families.
These examples are culled from ATR’s national list (www.atr.org/list) of tax reform good news. Please send any additions to email@example.com
Albanese Confectionery (Merrillville, Indiana) – Extended parental leave benefits:
Albanese Confectionery also expanded their benefits to include new programs such as paid maternity and paternity leave. – Albanese Confectionery press release
American Family Insurance (Madison, Wisconsin) - Expanded family leave program:
In addition, American Family said its family leave program now will provide employees with paid leave to care for an ill child of any age or for a spouse or domestic partner. – Jan. 26 2018, Milwaukee Journal Sentinel article excerpt
AutoNation – launch of cancer benefit program:
With the savings, AutoNation said it would double its match of employee savings in the 401-k retirement plan and launch a cancer benefit program that includes medical coverage for employees, spouses, and children up to age 26 diagnosed with cancer as well as a cash payment of up to $5,000 when diagnosed.
“We are excited about the pro-growth environment for business in the U.S., which includes the recently signed tax reform bill,” said AutoNation Chairman and CEO Mike Jackson. “As a U.S.-based company, our employees, customers and shareholders will benefit greatly from a reduction in our corporate tax rates.” – Jan. 16, 2018 Sun-Sentinel article excerpt
Benchmark Auto Sales (Asheville, North Carolina) – thanks to tax reform, 100 percent of the staff now has employer-provided health insurance:
A weight many Americans shoulder everyday is now gone for the people who work in gravel lot filled with cars along Brevard Road near the Blue Ridge Parkway.
We're talking health care.
We had 80 percent of our staff was not insured. We have 100 percent insured now. That's a big feat," Benchmark Auto Sales owner Joe Segrave said.
It was Segrave's decision, but he said it would not have happened without the tax bill that finally passed on Capitol Hill.
"I think all of us share a certain level of disgust with what's going on with politics in our nation, and, really, I like to keep this as an apolitical decision," Segrave said. "The bottom line is I had a chance to pay it forward to my employees." – Jan. 26, 2018 WLOS ABC News 13 report
Broadridge Financial Solutions (Lake Success, New York) – Expansion of paternal leave benefits:
Broadridge Financial Solutions on Wednesday said it was boosting workers’ pay, delivering bonuses and expanding employee benefits as a result of strong company growth and the recent federal tax law changes.
Broadridge added that it was enhancing employee benefits, including adding vacation days for employees who have been at the firm at least five years. It was also expanding paternal leave benefits.
Broadridge has more than 10,000 employees in 16 countries, including about 1,800 in Lake Success and Edgewood. – Feb. 7 2018, Newsday article excerpts
Cadence Bancorporation (Houston, Texas) – Contribution to employee healthcare costs:
In an announcement to its employees, the company shared it will introduce the following changes effective April 1, 2018:
An increase in the company’s contribution to employee healthcare costs
In addition, Cadence executives announced an employee stock purchase plan with a 15% discount, pending approval by Cadence Bancorporation shareholders.
“Our employees deliver exceptional service and value to our clients every day, and we want to reward them for their dedication,” said Paul B. Murphy, Jr., chairman and chief executive officer of Cadence Bancorporation. “Investing in our employees allows us to attract and retain top talent, which directly correlates to sound operating and financial performance and a better return for our shareholders.” – February 14, 2018, Cadence Bancorporation press release excerpts
Charles Schwab Corporation (San Francisco, California) – Expanded parental leave benefits:
Additionally, we expanded parental leave benefits for all Schwab employees and increased the annual corporate contribution to philanthropy to benefit our local communities.” – Jan. 25 2018, The Charles Schwab Corporation press release
Chipotle Mexican Grill (Denver, Colorado) – Enhancing parental leave benefits:
We plan to invest more than one-third of these tax savings in our people, including by making all of our restaurant managers and crew eligible for a one-time cash bonus, awarding one-time stock bonuses to a broad group of staff employees, and enhancing a number of other benefits such as parental leave and short term disability, all to help position Chipotle as the employer of choice in the restaurant industry. We’re excited to share further details about these programs in the coming days.” – Feb. 6, 2018 Chipotle Mexican Grill statement excerpt
Cummins (Columbus, Indiana) – Enhanced parental leave program, contributing to health savings account:
...For example, I hope you saw that at the beginning of the year we decreased the out-of-pocket maximums in our U.S. medical plans for all employees earning under $60,000 per year. And, for our employees in our U.S. medical plans whose base salary is $40,000 or less per year, we will provide a one-time additional $1,000 employer-seed contribution in their 2018 Health Savings Account (HAS). This is on top of the increased HSA employer contribution that was announced for the 2018 plan year. In addition, we are looking at opportunities in the coming year, and as our collective bargaining agreements expire, to:
· Establish a U.S. entry-level wage of $15.00 per hour;
· And, implement an enhanced U.S. Parental Leave policy that provides additional paid time off for new parents. - Cummins company memo excerpts
CVS Health (Woonsocket, Rhode Island) -- Company will absorb increases costs of health insurance premiums; creation of new parental leave program:
In a continuing commitment to investing in the growth and success of its employees, CVS Health (NYSE: CVS) today announced three major programs that will enable employees to share in the tax savings created by the U.S. Tax Cuts and Jobs Act. The improvements in employee wages and benefits, which are long-term and sustainable compensation investments, total $425 million annually and create continued growth opportunities for the company and its employees. The programs announced today include the following employee-focused investments:
As part of ensuring access to affordable health care, CVS Health will not increase employee premiums for the 2018-2019 plan year. While medical and prescription costs have increased 5% year-over-year, CVS Health will absorb the entire increase for the 100,000 employees who have elected to enroll in the company-sponsored health plan.
The company is also creating a new paid parental leave program. Effective April 1, 2018, full-time employees who welcome a new child into their home can take up to four weeks away from work at 100% of their pay to ensure the newest addition to their family gets off to a strong start in life.
"As part of our ongoing commitment to the patients, customers and communities we serve, we said that we would invest our tax savings back into our business, and that's exactly what we're doing," said Larry Merlo, CVS Health president and CEO. "Today, we're building on the investments we've been making in our employees, in their wages, benefits and career development. It's our employees who drive our performance and we appreciate how hard they work every day to deliver on our purpose of helping people on their path to better health." -- Feb. 8, 2018 CVS Health press release excerpts
Dollar Tree, Inc. (Chesapeake, Virginia) – Enhanced benefits including maternity leave for qualifying employees:
As noted previously, the Company benefited in the fourth quarter and fiscal 2017 with respect to the TCJA. The Company expects to continue to benefit going forward and currently estimates the benefit to be approximately $250 million for fiscal 2018. As a result of the estimated cash benefit, the Company plans to invest approximately $100 million through the following actions:
Invest in stores with more hours, including training for associates,
Invest in people with increased average hourly rates,
Add Family Dollar eligible associates to the Defined Contribution Plan starting in fiscal 2017 and increase contributions in fiscal 2018, and
Establish paid maternity leave for eligible associates -- March 7 2018, Dollar Tree, Inc. press release excerpt
Express Scripts (St. Louis, Missouri) – Creation of education fund for employees’ children:
“The company will also create a $30 million education fund for employees' children. The fund will assist with paying for college and vocational training. “ – Feb. 28 2018, St. Louis Post-Dispatch article excerpt
FireBird Bronze (Damascus, Oregon) – Thanks to tax reform this full-service foundry with nine employees is able to offer health insurance for the first time:
We are a small manufacturing business casting artwork for artist in bronze we have 9 employees and because of the tax cuts and the current business friendly climate we are for the first time offering employees health care insurance costing our company 40k per year. – Rip Caswell, FireBird Bronze
GKM Auto Parts Inc. (Zanesville, Ohio) – Providing healthcare benefits to employees:
“Under the Affordable Care Act, our company has faced double digit increases in health care costs year after year, causing us to drop coverage in 2016,” said Kelly Moore, owner of GKM Auto Parts. “Because of the cost savings from tax reform, we are reinstating this important benefit for our employees…” – Kelly Moore, owner of GKM Auto Parts, article excerpt
Great Southern Wood Preserving, Inc. (Abbeville, Alabama) -- Significantly increased employee benefits: lower healthcare costs, more paid time off, scholarships, and more:
Great Southern Wood Preserving, Incorporated, has begun an active and ongoing process to increase employee benefits by reinvesting its tax savings in its people, the company has announced. The company expects full implementation to take place in 2018.
In late 2017, Congress passed and the President signed into law legislation providing significant tax breaks for corporations. Across America, many companies have chosen a variety of options for applying these savings, such as providing one-time bonuses to employees, increasing charitable giving and reinvesting in facilities upgrades.
For its part, Great Southern Wood will make investments on an ongoing basis to lower healthcare costs for eligible employees, allow employees to accrue more paid time off based on length of service, develop scholarships for dependents of employees and enhance other benefits going forward.
“I’m very pleased that every employee across the company will see the results of the change in tax laws,” said Jimmy Rane, Great Southern Wood’s founder, president and CEO. “The success we’ve enjoyed as a company comes from every one of us working hard and doing our part, and I can’t think of a better way to apply our tax savings than by further investing in benefits programs for our employees. We strive to be an employer that draws the best and brightest to our company, and we believe that providing stronger benefits is essential to this continuing effort.”
Great Southern employs almost 1,200 at locations in eleven states. [Texas, Missouri, Arkansas, Georgia, Alabama, Mississippi, Louisiana, Pennsylvania, Virginia, Maryland, Florida] -- March 29, 2018 Great Southern Wood Preserving, Inc. press release
HCA Healthcare (Nashville, Tennessee) - employee education benefits, and increased family leave :
For HCA in Nashville, the tax cut means a nearly 30 percent increase, or $2.3 billion more, in capital spending during the next three years that will go to facility improvements, new facilities and greater technology. The company expects the spending to drive growth and add jobs, CEO Milton Johnson said in a conference call this year.
Along with initiating a 35 cent quarterly dividend to reward shareholders, HCA also announced a $300 million investment in the workforce that will go to education programs for nurses and caregivers, tuition reimbursements and scholarships for employees and greater family leave.
"We believe these programs will help improve patient experience and create more career opportunities for our employees," Johnson said in the call. - July 29, 2018, Tennessean article excerpt
Iron Horse Energy Services Inc. (Eolia, Missouri) – Due to a lower tax burden the company is also continuing to cover 100 percent of healthcare. Said one employee:
“We were also able to maintain 100% payment of Health care even after the astronomical yearly increases created by the affordable care act. We were looking at considerable employee participation in payment of premiums occurring this year. Thank you Mr Trump for being a businessman.”
King Scoopers ( Denver, Colorado) – raised 401(k), launched new tuition program for employees:
This year, King Soopers made two changes dedicated to supporting workers. Reinvesting the money it gained from the GOP tax reform bill, King Soopers raised its employee 401(k) match from 4 percent to 5 percent on June 1, Williamson said. In May it also launched its “Feed Your Future” program.
Thanks to tax reform, the grocery chain raised its employee 401(k) matches and offered workers a new tuition reimbursement program. – September 17, 2018 – Denver Post
K-VA-T Food Stores (Abingdon, Virginia) - Increased employee wages, expanded employee benefits:
Tax reform enabled K-VA-T Food Stores, the parent company of Food City, to give raises to 25% of its workforce, a total boost to the payroll of $1 million. It also improved its benefits package for employees and can continue some health benefits that had been under stress due to soaring health insurance costs. - April 13, 2018, Augusta Free Press article excerpt
LHC Group (Lafayette, Louisiana) – Offsetting health insurance cost increases:
A portion of the email sent to employees states:
I want to point out the positive impact the “Tax Cut and Jobs Act” will have for our company and for each of you.
As a result of this legislation, our company’s effective tax rate has been reduced from roughly 41 percent to a projected range of 29-30 percent for 2018. Because of our reduced tax burden, we will be able to make important investments in our company, including additional investments in our greatest asset – our people. But rather than making a small, short-term financial overture, we have decided to make meaningful investments in 2018 that will positively impact our employees – in a sustainable and long-term fashion. These investments include:
· Offsetting a portion of the future increases in health insurance premiums
We have already begun incorporating the Internal Revenue Service’s (IRS) new withholding amounts in each of your paychecks. While every employee’s situation is different, according to the government, most employees should see an increase in take-home pay as a result of the new updated tax tables.
Lowes (Mooresville, North Carolina) – Expanded benefits and maternity/parental leave; $5,000 of adoption assistance:
Lowe’s will follow rival Home Depot in giving thousands of its hourly employees a one-time bonus of up to $1,000 due to new tax legislation, according to an internal company memo reviewed by CNBC on Wednesday.
Effective May 1, Lowe's will also be expanding its benefits package for full-time workers to include paid maternity leave for 10 weeks, paid parental leave for two weeks, adoption assistance of up to $5,000, and faster eligibility for health benefits, the memo said.
"We'll continue to make investments to improve the employee and customer experience," Lowe's wrote to its workers.
The company said it will provide more details on those investments in the coming weeks. Lowe's is set to report fourth-quarter earnings Feb. 28. – Jan. 31, 2018 CNBC article excerpts
Lupo’s Meat Plant (Endicott, New York) - ability to maintain healthcare coverage:
Company President Sam Lupo says recent tax cuts have allowed the business to raise wages and maintain healthcare.
He says maintaining a small business all comes down to building strong employees.
"Our long-term employees see that, they feel it, they've taken ownership, so then when we have new employees come in, they're taking those employees under their arm, and they're saying, 'hey, we're more than just a spiedie company, we're involved in our community," said Sam Lupo, Sam A. Lupo & Sons President.
The plant has been in businesses for more than 60 years and currently has 45 employees. - May 4, 2018, Spectrum News Article Excerpt
McDonald’s (Oak Brook, Illinois) – Employees who work just 15 hours a week, receive $1500 worth of tuition assistance every year per year. The money can be applied to community college, trade schools, or a traditional 4 year university for employees or their family members:
McDonald’s Corporation today announced it will allocate $150 million over five years to its global Archways to Opportunity education program. This investment will provide almost 400,000 U.S. restaurant employees with accessibility to the program as the company will also lower eligibility requirements from nine months to 90 days of employment and drop weekly shift minimums from 20 hours to 15 hours. Additionally, McDonald’s will also extend some education benefits to restaurant employees’ family members. These enhancements underscore McDonald’s and its independent franchisees’ commitment to providing jobs that fit around the lives of restaurant employees so they may pursue their education and career ambitions. The Archways to Opportunity program provides eligible U.S. employees an opportunity to earn a high school diploma, receive upfront college tuition assistance, access free education advising services and learn English as a second language. “Our commitment to education reinforces our ongoing support of the people who play a crucial role in our journey to build a better McDonald’s,” said Steve Easterbrook, McDonald’s President and CEO. “By offering restaurant employees more opportunities to further their education and pursue their career aspirations, we are helping them find their full potential, whether that’s at McDonald’s or elsewhere.” Accelerated by changes in the U.S. tax law, McDonald’s increased investment in the Archways to Opportunity Program includes:
● Increased Tuition Investment: ○ Crew: Eligible crew will have access to $2,500/year, up from $700/year. ○ Managers: Eligible Managers will have access to $3,000/year, up from $1,050. ○ Participants have a choice for how they apply this funding – whether it be to a community college, four year university or trade school. There is no lifetime cap on tuition assistance – restaurant employees will be able to pursue their education and career passions at their own pace. The new tuition assistance is effective May 1, 2018 and retroactive to January 1, 2018.
● Lowered Eligibility Requirements: Increase access to the program by lowering eligibility requirements from nine months to 90 days of employment. In addition, dropping from 20 hours minimum to 15 hours minimum (roughly two full time shifts) per week to enable restaurant employees more time to focus on studies.
● Extended Services to Families: Extension of Career Online High School and College Advisory services to restaurant employees’ family members through existing educational partners Cengage and Council for Adult and Experiential Learning (CAEL).
● Additional Resources: Career exploration resources for eligible restaurant employees to be available later this year.
● Creation of an International Education Fund: Grants to provide local initiatives and incentives in global markets to further education advancement programs. “Since its inception, Archways to Opportunity was meant to match the ambition and drive of restaurant crew with the means and network to help them find success on their own terms,” said David Fairhurst, McDonald’s Chief People Officer. “By tripling tuition assistance, adding education benefits for family members and lowering eligibility requirements to the equivalent of a summer job, we are sending a signal that if you come work at your local McDonald’s, we’ll invest in your future.” After launching in the U.S. in 2015, Archways to Opportunity has increased access to education for over 24,000 people and awarded over $21 million in high school and college tuition assistance. Graduates have received college degrees in Business Administration, Human Resources, Communications, Accounting, Microbiology and more. – March 29, 2018 McDonald’s Corporation press release excerpt
Miles Fiberglass (Oregon City, Oregon) - Absorbing health insurance cost increases:
Lori Miles-Olund, who is the president of the family-owned business that her father founded in 1963, explained how Miles Fiberglass plans to pass along the benefits to its employees:
She reported that, even as expenses like health insurance have gone up on the employer side, tax reform means that Miles Fiberglass will not be passing those added expenses along to its employees. And, since many employees commute from more than an hour away, Miles Fiberglass is also helping make these long commutes more affordable, providing a flat-rate gas stipend. – June 1, 2018, National Association of Manufacturers article excerpt
Red Leg Brewing Company (Colorado Springs, Colorado) – The local brewery was able to use money saved because of the Tax Cuts And Jobs Act and put it towards hiring more people, health insurance for employees, 401(k) contributions for employees, and for production growth:
In a matter of days, Red Leg Brewing Company will tap into its next chapter.
The company announced this week it will break ground on an $8 million expansion project Friday along Garden of the Gods Road.
Todd Baldwin, president and founder of Red Leg, told News 5 the move will enable his company to increase its beer output from 2,500 barrels to 10,000.
"Our goal was always to be the craft beer of the military, to be on every military base in the world, and this new facility's going to allow us to do that," Baldwin said.
Red Leg's growth is not only tied to the product and innovative ideals. As a whole, craft brewers have also capitalized on an excise tax break included in President Trump's 2017 tax cuts, reducing what they pay the government for every barrel produced.
That relief allowed brewers to use the money elsewhere. At Red Leg, Baldwin said it paid for production growth, improvements in quality assurance and manpower.
"The last two years, we've invested more in now only our people here, but we were able to start health insurance and a 401(k) this year for our employees, which is super cool. And we were able to bring on more employees," Baldwin said. – Dec. 10, 2019, NBC Southern Colorado.
Rockwell Automation (Twinsburg, Ohio) -- Because of the Tax Cuts and Jobs Act, the company was able to raise wages, add new jobs, and buy new equipment.
“Manufacturing’s success hinges on having a highly skilled production workforce that supports the advanced technologies that are essential to modern manufacturing competitiveness, said Bruce Quinn, Rockwell Automation vice president of public affairs. No matter how much you automate, people remain your most important asset. We are confident that the impact of U.S. tax reform on our customers could strengthen our future performance. Corporate tax reform enables us to use excess cash to invest in organic growth and acquisitions.” -- August 13, 2019 NAM Shopfloor Blog
Rolls-Royce (Locations in 27 U.S. states) – Enhanced employee benefits. Parental leave, paid family care leave, bereavement leave and more:
Rolls-Royce has announced a new employee benefits package funded by tax credits from the 2017 Tax Cuts and Jobs Act passed by Congress.
The new package, two years in the making, introduced six-week paid parental leave of which two weeks are supplemented by credits from the tax cut. It also introduced two weeks of paid family care leave and an adjusted bereavement leave entitlement to accommodate nontraditional family structures. Other enhanced benefits include: fertility treatment, gender reassignment, equal benefits for same sex couples and bariatric surgery.
The enhanced benefit package is “less about the 1980s work-life balance and more about work-life integration,” said Summer Smith, Rolls-Royce’s head of human resources in North America.
After consulting with employee focus groups and recognizing employee needs had evolved, the leadership group determined the company, which is based in Britain, should “not be so restrictive,” Smith added. – May 3, 2018 Defense News article excerpt
Seventh Son Brewery (Columbus, Ohio) -- Used savings from the Tax Cuts and Jobs Act to hire more employees, increase production space, increase charitable giving, as well as improve employee benefits.
“Quite simply this tax law has helped my business, Seventh Son in Columbus, grow and enabled me to make it a better place for my employees to work.
Under CBMTRA, small breweries like mine which produce less than 2 million barrels of beer a year saw the federal excise tax on their first 60,000 barrels lowered from $7.00 per barrel to $3.50 per barrel. For us, that meant a savings of around $35,000. As a result, in the last two years, Seventh Son has increased its taproom and production space by 15,000 square feet, opened a second brewery and doubled our staff from 25 to 52.
We also have made improvements to our employee benefits package and increased our role in the community by boosting our charitable giving across several local organizations including Habitat for Humanity, Kaleidoscope, the Godman Guild, Cat Welfare and many others. The improvements to our physical space and our workforce, along with an increased presence in our community, have all been bolstered by the excise tax reduction,” Collin Castore, co-founder of Seventh Son Brewing said. -- August 23, 2019 Columbus Dispatch article.
Six Hundred Downtown (Bellefontaine, Ohio) - Opening a new location, introducing employee healthcare benefits:
“Brittany, where’s the pizza?” Trump asked Saxton. She said she’d been able to use the tax cuts to open a second location and provide health benefits to some managers and thanked Trump at the podium. - April 12, 2018, WTOP article excerpt
Southwire (Carrollton, Georgia) – Expanded parental leave benefits:
Southwire, North America’s leading manufacturer of wire and cable solutions, recently announced that it will reinvest approximately nine million dollars back into the lives, and pockets, of its employees, joining a growing list of companies that have made similar moves as a result of recent tax reform.
In addition to the one-time bonuses, Southwire will expand its parental leave policy to assist eligible parents. – March 26, 2018 Southwire press release excerpts
South Point Hotel, Casino and Spa (Las Vegas, Nevada) - Absorbing the cost of health insurance price increases:
Following the passing of the 2018 Trump Tax Reform Bill, South Point Hotel owner Michael Gaughan will distribute more than $1 million among the property's employees. As part of the contribution, Gaughan will double all the employees' 2017 bonuses in addition to rescinding the price increase for employee health insurance.
"Las Vegas has experience a significant amount of growth over the past two years, and this tax reform will continue to drive the economy of the city," said Gaughan. "The new bill will have a monumental effect on our economy and, in turn, our property. We want to be sure that our extended family is taken of." - April 1, 2018 South Point Hotel, Casino and Spa press release excerpt
Sprouts Farmers Market (Ellicott City, Maryland) – Providing healthcare and expanding maternity leave:
The company also said it plans to use about one third of the savings from the recently-passed tax reform for “investments” in employees.
“to ensure we remain in a leadership position to attract the right talent, we will further invest in our team members by improving pay and improved benefits such as healthcare and expanding maternity leave,” Maredia said. “We will invest an additional $10 million, or approximately one-third of our tax savings, for our team members in 2018. – Feb. 23 2018, Produce Retailer article excerpt
Starbucks Coffee Company (Seattle, Washington) – Increased sick time benefits and parental leave:
A new Partner and Family Sick Time benefit will be available to all eligible U.S. partners, which will allow partners to accrue paid sick time based on hours worked and then use them if they or a family member needs care. When this benefit goes into effect this year, Sick Time will accrue at a rate of one hour for every 30 hours worked, thus a partner working 23 hours a week can expect to accrue approximately five days of sick time benefit over the course of one year.
Starbucks has also reaffirmed their commitment to create more than 8,000 new part-time and full-time retail jobs and an additional 500 manufacturing jobs in its Augusta, Georgia soluble coffee plant.
For store partners, Starbucks has also expanded their parental leave policy to include all non-birth parents with up to 6 weeks of paid leave when welcoming a new child.” —Jan. 24 2018, Starbucks Coffee Company press release excerpt
TCW Inc. (Nashville, Tennessee) - Growing health insurance plans:
“We also put another $500,000 into our health insurance plans. We took on more of the cost of health insurance. We had the confidence to be able to do that because of these changes that are taking place and because of the economy trucking is booming right now — we have a lot of demand. - April 17, 2018 Tax Talk Roundtable, Dave Manning, President of TCW Inc.
The Mitten Brewing Company (Grand Rapids, Michigan) -- Because of the Tax Cuts and Jobs Act, the Michigan Brewery was able to produce new beer, preform new research, hire new employees, give employees pay raises and bonuses:
"It literally put money back into our pockets that we were spending before. We had been producing a bunch of new beers that we have been able to research and develop, and we’ve retained key employees, by giving them bonuses, raises, bringing in new employees," said Max Trierweiler, co-owner of The Mitten Brewing Company.” -- Oct. 7, 2019 WZZM13 Article
The TJX Companies Inc. (Framingham, Massachusetts) - Paid parental leave benefits:
The 2017 Tax Act benefited the Company in the fourth quarter and full year Fiscal 2018. The Company expects to continue to benefit from the 2017 Tax Act going forward, primarily due to the lower U.S. corporate income tax rate. As a result of the estimated cash benefit related to the 2017 Tax Act, the Company is taking the following actions:
-An incremental contribution to the Company’s defined contribution retirement plans for eligible Associates in the U.S. and internationally
-Instituting paid parental leave for eligible Associates in the U.S.
Made meaningful contributions to TJX’s charitable foundations around the world to further support TJX’s charitable giving. – Feb. 28, 2018 The TJX Companies Inc. press release excerpts
Unum (Chattanooga, Tennessee) – Creation of paid parental leave:
“On the heels of announcing record financial results for 2017, Unum (NYSE: UNM) today said, in addition to the existing all-employee annual bonus program, it is investing in its people and communities with a new paid parental leave benefit for both mothers and fathers in the U.S.; enhancements to the compensation program so that all U.S. employees earn at least $15 an hour; and an additional $1 million in charitable contributions this year in support of the communities where Unum employees live and work.” – Feb. 1 2018, Unum press release excerpt
Village Foods & Pharmacy (Bryan, Texas) - employee bonuses, implement a 401(k) program:
Village Foods & Pharmacy Said They Were Able To Provide Employee Bonuses And Implement A 401(k) Program. - US Chamber of Commerce
Walmart (Bentonville, Arkansas) – Base wage increase for all hourly employees to $11; bonuses of up to $1,000; expanded maternity and parental leave; $5,000 for adoption expenses:
Today, Walmart announced plans to increase the starting wage rate for all hourly associates in the U.S. to $11, expand maternity and parental leave benefits and provide a one-time cash bonus for eligible associates of up to $1,000. The company is also creating a new benefit to assist associates with adoption expenses. The combined wage and benefit changes will benefit the company’s more than one million U.S. hourly associates.
“Today, we are building on investments we’ve been making in associates, in their wages and skills development,” said Doug McMillon, Walmart president and CEO. “It’s our people who make the difference and we appreciate how they work hard to make every day easier for busy families.”
Associates will hear more from their managers in the coming days about details. – Jan. 11 2018, Walmart press release
Western Alliance Bancorporation (Phoenix, Arizona) – Enhanced maternity leave benefits:
The bank, which has about 1,700 total employees, also plans to improve maternity leave benefits, though Mr. Sarver declined to detail those changes. – Wall Street Journal article excerpt