Retirement may seem like a far-off milestone when you’re new to a job, but planning for it begins early. Employers typically include options such as 401(k) contribution plans as part of their overall compensation and benefits package. Establishing a savings structure that provides periodic company contributions and matches for employee contributions can draw in high-quality job candidates and incentivize them to stick with the business long term. Here are some companies with the best retirement plans to help employees save for the future.
Companies With the Best Retirement Plans
- Honeywell
- General Motors
- Boeing
- Visa
- Southwest Airlines
Companies With the Best Retirement Plans
Retirement Plan Overview:
- Plan type: 401(k)
- Eligibility: U.S. salaried employees
Employer Contributions:
- Automatic 4 percent contribution.
- 4 percent match on employee contributions.
General Motors is an American automotive manufacturer that makes Buick, Cadillac, GMC and Chevrolet vehicles. Headquartered in Detroit, it is one of the bastions of American manufacturing and employs a team of close to 200,000 people.
Retirement Plan Overview:
- Plan type: 401(k)
Employer Contributions:
- 100 percent match on employee contributions up to the first 10 percent of pay.
- 100 percent vesting of employer contributions on the first day of employment.
Mastercard offers financial services solutions to individuals and organizations of all sizes, like independent software vendors, public sector entities and credit unions.
Retirement Plan Overview:
- Plan type: 401(k)
- Eligibility: Eligible for plan participation on the first new quarter following their date of hire
Employer Contributions:
- 3 percent safe harbor contribution (up to $3,150 annually) regardless of employee contribution.
PatientPoint provides healthcare areas like hospitals and doctors’ offices with education solutions like its interactive screen displays that patients can view while waiting for their appointments.
Retirement Plan Overview:
- Plan type: 401(k)
- Eligibility: Available for part and full-time employees after 90 days of employment
- Employee contribution limit: Employees may contribute up to 75 percent of their eligible earnings
Employer Contributions:
- 100 percent match of employee contributions up to 6 percent of pay.
- Additional 2 percent automatic contribution .
Cox Enterprises is the diversified holding company for Cox Media Group, Cox Communications and Cox Automotive.
Retirement Plan Overview:
- Plan type: 401(k)
Employer Contributions:
- Dollar-for-dollar match on employee contributions up to $17,500 a year.
MarketAxess is a fintech company that provides an electronic trading platform for fixed income assets, which include bonds and securities that pay out a set amount of dividends or interest to investors.
Retirement Plan Overview:
- Plan type: 401(k)
Employer Contributions:
- 100 percent match on employee contributions up to 6 percent of pay.
- Additional 3 percent contribution for employees on retirement accumulation plan.
Spectrum is a connectivity company supporting consumers and businesses through its array of service packages that include WiFi, mobile data and cable TV offerings.
Retirement Plan Overview:
- Plan type: 401(k)
- Employee contribution limit: Employees can contribute up to 30 percent of their eligible pay
Employer Contributions:
- Matches contributions up to 7 percent of employee’s base salary.
Honeywell is an engineering and tech company working in the aerospace, building technology and industrial safety spaces. It creates software, digital products and industrial IoT products and software.
Retirement Plan Overview:
- Plan type: 401(k)
- Eligibility: Non-union team members
Employer Contributions:
- 100 percent match on employee contributions up to first 10 percent of pay.
- Additional two percent company contribution.
Boeing is an aerospace corporation that designs, manufactures and retails planes, rockets, satellites, telecom products and missiles.
Retirement Plan Overview:
- Plan type: 401(k)
- Offers an employee stock ownership plan
Employer Contributions:
- Matches employee contributions up to 3.5 percent of employee pay.
Golden Hippo creates content to educate consumers on health choices, along with its products for the happiness and health of people and their pets.
Retirement Plan Overview:
- Plan type: 401(k)
Employer Contributions:
- 100 percent match on employee contribution up to 9.3 percent of salary.
Southwest Airlines has positioned itself as a budget-conscious carrier. Headquartered in Dallas, it competes with many national and international airlines for long-haul flights and also operates a significant number of regional routes.
Retirement Plan Overview:
- Plan type: 401(k)
- Offers employee stock purchase plan (ESPP)
Employer Contributions:
- 200 percent match up to 5 percent of employee salary.
Visa facilitates electronic fund transactions worldwide through a network of credit, debit and prepaid payment cards issued through financial institutions. Unlike other major credit card names, Visa is not a financial institution itself, but rather a payment network.
Retirement Plan Overview:
- Plan type: 401(k)
- Eligibility: Employees may begin contributing on the first day of employment
Employer Contributions:
- Company match on contributions up to 4 percent of employee pay.
- Team members are eligible for an equity grant after two years of employment.
Greenlight Guru’s software solutions support product development and other important functions for medical device companies.
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Frequently Asked Questions
What is an employer match?
An employer match is when a company contributes to an employee’s 401(k) based on how much the employee contributes, typically up to a certain percentage of salary.
What is an automatic employer contribution?
Some companies contribute a set percentage to an employee’s 401(k) regardless of whether the employee makes contributions.
Why are strong retirement benefits important?
Competitive retirement plans can help employees build long-term savings and may encourage them to stay with a company longer.
