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
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.
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.
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.
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.
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.
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.
