Aflac, Nationwide, Visa, a bevy of banks and a telecom company—now add one more to the mix.
SunTrust said it’s is taking a series of actions in the wake of tax reform to support “the financial wellness of its workforce and communities.”
Officially announced just before the New Year, the regional bank with branches mainly in the southeastern and mid-Atlantic United States, said it will make a 1 percent 401k contribution to retirement savings for all teammates, in addition to the company’s six percent match opportunity.
The news comes on the heels of similar announcements involving a boost to 401k matches from a number of large corporations.
In addition to the retirement plan tweak, the bank said it has made the following “commitments”:
- $50 million in additional community grants to national and local financial well-being efforts
- Minimum wage increase to $15 per hour
- Merit base pay increases for certain other hourly teammates (approximately 20 percent of workforce)
- $1,000 financial incentive for all teammates that complete the SunTrust Momentum “onUp” financial fitness program
“The anticipated benefits from tax reform allow us to build upon our purpose of Lighting the Way to Financial Well-Being in a sustainable way by implementing actions that will have a multi-year impact for many of the constituents that count on us,” Bill Rogers, SunTrust chairman and CEO, said in a statement. “We believe tax reform will improve the competitiveness of American business and promote economic growth, and this gives us confidence to invest more in our company, our teammates and the communities we serve.”
Introduced in 2016, the onUp movement led by SunTrust offers financial wellness resources and programs for both individuals and companies.
The company claims that, to date, more than 2.5 million people have taken steps to reduce financial stress and achieve greater financial well-being.
“SunTrust has a long history of investing in teammates and communities, while providing expertise and solutions for clients to achieve financial confidence,” SunTrust says. “The company also gives all teammates a day off each year to focus on their personal finances, as well as paid time off to volunteer in the community.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
