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Top 5 companies offering the best retirement plans to the employees

A high-yielding retirement plan is one of the essentials of every working individual. The working individuals today, unless they have been working in a union organization or public-sector unit or are in the same organization for a longer time, may be aloof from the idea of defined benefits plan or retirement plan. This is simply because these days, many people are turning towards defined contribution plans, especially the 401(k) accounts.

There is a difference between the retirement pension and 401(k) plans. A pension plan guarantees to pay you an amount each month post your employment service, depending on your salary as well as years of service. On the contrary, a 401(k) plan depends on the employee and employer contributions. Today, we do not find employee pension plan or Social Security to help the employees at the time of their retirement days as pensions are rare and Social Security does not seem to work with the future generations.

Most of the organizations today provide the 401(k) retirement plans. Moreover, there is a big difference between the least and most generous plan. For instance, some of the retirement companies would offer an employer match and add-on contributions depending on the salary, which is a generous plan. On the other hand, there are other employers that provide a combination of investment options with lesser fees. It is always recommended to take a look at the terms and conditions of every retirement plan before you enroll in one. If you are looking for the top companies that provide its employees with the best retirement company’s plans, then here is a list of top five retirement companies. Take a look!

ConocoPhillips
The company comes with an employee matching program that automatically pays a 6% match once the employee invests 1% of their income. Moreover, ConocoPhillips provides an optional additional match of 0% to 6%, depending on multiple factors such as the performance of the company, employee age, besides other factors. Additionally, there is a broad range of investment options such as stocks, bonds, and international index, to name a few. Although enrollment is voluntary, employees must invest a minimum of 1% to receive the contribution of the company.

The Boeing Company
In the year 2016, Boeing shifted all its non-union employees to a 401(k) retirement plan from a pension plan. Being the second largest plan in the country, the retirement plan has assets of more than $47 billion. Employees of Boeing contribute 1% to 30% of their salaries and the company matches 75% of the first 8% contribution of the employee. Moreover, employees automatically get enrolled in the retirement plan and there is a wide selection of bonds, stocks, and international index funds that one can choose from.

Bank of America
The company freezed its benefit plan in the year 2012. As per Bankrate, the plan is 124% funded, which looks like an inspiring achievement when most of the companies are underfunded and looking for de-risking the company retirement plans rather than boosting the contribution of the plans. Approximately 295,000 former, current, and retired employees of Bank of America continue to participate in the plan and receive benefits on the same. The employees who joined the bank after 2012 get an employer contribution of 2% to 3% per year. This amount is in addition to a 401(k) savings match of an eligible pay of up to 5%. By collating all these things, we get that an employee of Bank of America can save anywhere between 12% and 13% of their earnings per annum in tax advantage savings.

The United Services Automobile Association (USAA)
The financial services group USAA is a popular company among its customers as well as employees. USAA is one of the popular retirement companies that matches 100% of the first saved 8% of the employee salary, which is a strong incentive to put away the funds to 401(k). Another way used by the company to save for retirement benefits includes providing a bonus contribution that is based on the performance of the company. This amount is between 3% and 9% of the salary of an employee and also depends on the age of the employee. All in all, an employee gets a total tax advantage of 25% per year that includes 17% of earnings pretax from the contributions of USAA and 8% of employee contribution.

Publix
The supermarket chain Publix employs around 184,500 people and is one of the top retirement companies. As per the statistics of PayScale, out of the total employees of Publix, most of the employees earn less than $11 per hour. With a contribution of 8.5% of wages to the Employee Stock Ownership Plan (ESOP), the employee can add up a lot of investments. Moreover, there is no dividend reinvestment plan provided by the company. However, a 401(k) plan is offered wherein the company contributes 50 cents on 3% of the pay.

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