BISA Portfolio
Tax Reform Prompts Visa to Raise 401(k) Match for Employees
by BISA Admin
Visa said Monday it will strengthen contributions to employees' 401(k) savings plans as a result of the recently passed Republican tax law. The company said it will increase its 401(k) match up to 5 percent of salary. Currently, it contributes $2 for every $1 an employee contributes, up to 3 percent of base pay. Visa is the latest in a host of companies to share proceeds from the GOP corporate tax cut with employees. Unlike bonuses, which employees could either save up or blow on shopping, an increase to a retirement plan match is useful for workers' long-term financial planning, said Gregg Levinson, senior retirement consultant at Willis Towers Watson. (01/08/18)
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