Mountaire Corporation Announces Tax Reform Bonuses and Increased 401k Contributions


Posted by John Kartch on Saturday, January 27th, 2018, 8:15 PM PERMALINK

"All these improvements are being done because of the Tax Reform and Tax Cut passed by the Republicans in Congress and signed into law by our President."

Thanks to the Tax Cuts and Jobs Act, Mountaire Corporation will give employees special bonuses of $1,000 or $500 based on length of service. The Millsboro, Delaware based chicken producer will also significantly increase 401(k) matches for employees.

The good news was detailed in a letter to employees from Mountaire Chairman Ronald M. Cameron:

January 26, 2018

Mountaire had an amazing year in 2017. We are blessed with great people and great opportunities. Our performance is outstanding and the blessings of Jesus Christ are all around us to enjoy.

I am very encouraged that the President of the United States and the Republican Congress have reduced taxes for businesses and individuals for 2018. I am extremely excited about what this new change means to our company and all Mountaire employees.

Very soon you should see the impact of the new lower tax rate in your paychecks.

Additionally, because of this new tax reduction, I am pleased to announce that on February 2, 2018, Mountaire is going to pay a one-time discretionary bonus to hourly employees. This bonus will be subject to normal taxes and distributed to all full-time Mountaire hourly and piece rate employees as follows:

  1. $1,000 for all active full-time hourly and piece rate Mountaire employees with more than 180 days of employment as of January 27, 2018.
  2. $500 for all active full-time hourly and piece rate Mountaire employees with between 91 and 179 days of employment as of January 27, 2018.
  3. $500 for all active full-time hourly and piece rate Mountaire employees with between 1 and 90 days of employment as of January 27, 2018. This group of employees will receive their bonus money as soon as they have completed their first 90 days of employment.
     

I have also decided to make significant improvements to our 401k savings plan. Effective November 1, 2018, Mountaire’s 401k match will be increased to 100% of the first 3% invested, and 50% of the next 2% invested. And also, effective November 1, 2018 you will be given immediate vesting on 401k matching monies.

All these improvements are being done because of the Tax Reform and Tax Cut passed by the Republicans in Congress and signed into law by our President.

I am very optimistic about our performance and the future of Mountaire and our country.

May God continue to bless us and guide us!

Ronald M. Cameron
Chairman

Mountaire is now on the national list of companies announcing bonuses, 401(k) match hikes, and pay raises due to tax reform.

 

 

 

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