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
Cox Enterprises is the diversified holding company for Cox Media Group, Cox Communications and Cox Automotive. After 90 days of employment, part and full-time employees have access to a 401(k) plan that provides up to 8 percent of eligible pay. This includes a 2 percent automatic contribution. Employees can choose to contribute up to 75 percent of their eligible earnings, and the company matches employee contributions dollar for dollar up to 6 percent.
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. For retirement savings, GM gives salaried U.S. employees a four percent company contribution and up to a four percent company match on contributions from their 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. Southwest provides dollar-for-dollar 401(k) contribution matching on up to 9.3 percent of an employee’s 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. Honeywell offers a flexible 401(k) plan, which lets employees contribute as much as 30 percent of their eligible pay in the form of pre-tax, Roth 401(k) or after-tax contributions. Honeywell will also match contributions to retirement funds — up to seven percent of an employees’ base 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. The Visa 410(k) plan matches every employee dollar contributed with two company dollars, up to five percent of workers’ base salaries.
Mastercard offers financial services solutions to individuals and organizations of all sizes, like independent software vendors, public sector entities and credit unions. It provides its employees with a 10 percent company retirement contribution and ensures they are 100 percent vested from their first day on the job.
Golden Hippo creates content to educate consumers on health choices, along with its products for the happiness and health of people and their pets. The company matches up to three and a half percent of employees’ retirement contributions and offers them company stock.
Spectrum is a connectivity company supporting consumers and businesses through its array of service packages that include WiFi, mobile data and cable TV offerings. The Connecticut-based company matches every dollar that employees contribute to their 401(k) for up to 6 percent of their pay, and Spectrum puts another 3 percent into an additional retirement plan for many of its employees.
Boeing is an aerospace corporation that designs, manufactures and retails planes, rockets, satellites, telecom products and missiles. Its retirement planning program offers non-union team members dollar-for-dollar matching on the first 10 percent of their pay they contribute to their 401(k), along with an additional two percent company contribution.
Greenlight Guru’s software solutions support product development and other important functions for medical device companies. Employees at Greenlight Guru can start contributing to their 401(k) from their first day on the job, and the company offers a match of up to 4 percent. Team members also become eligible for an equity grant once they hit their two-year anniversary with the company.
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. MarketAxess matches its employees’ 401(k) contributions dollar for dollar for up to $17,500 a year.
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. Its 401(k) Retirement Plan has a three percent Safe Harbor Nonelective Contribution that applies automatically, regardless of the employee’s contributions. This helps employees to build their retirement savings with all contributions fully vested as soon as the employee is eligible.
The Aerospace Corporation aims to advance space commercialization and exploration by leveraging expertise across areas such as artificial intelligence and cybersecurity to support national security, civil and commercial partners. Employees become eligible for and vested in its 401(k) plan immediately upon hire, and they receive a company-paid benefit that totals 8 percent, 10 percent or 12 percent of their eligible compensation depending on matching contributions and how long they’ve worked for The Aerospace Corporation.
