AMERICAN AIRLINES GROUP & SOUTHWEST AIRLINES: "No. 1 U.S. airline American Airlines Group Inc … and peer Southwest Airlines Co … on Tuesday said they would give their employees a $1,000 bonus in light of the recent tax reform bill." ("American Airlines, Southwest Employees To Get Bonus After Tax Reform," Reuters, 1/2/2018)
- "American Airlines will distribute the bonus to each team member… The distributions will total approximately $130 million and will be made in the first quarter of 2018, the company said." ("American Airlines, Southwest Employees To Get Tax Bill Bonus," Reuters, 1/2/2018)
NATIONWIDE INSURANCE: "Employees of Nationwide Insurance found out Wednesday they'll be seeing a big bonus and an increase in 401(k) matching from the company. In an email sent to employees, the company announced it will provide bonuses of $1,000 and increase 401(k) matching from 50 percent on the first 6 percent of employee contribution to 50 percent on the first 7 percent of employee contribution. The company said in a statement the one-time bonus impacts approximately 29,000 front-line associates, managers and individual contributors across the country. The 401(k) action impacts approximately 33,000 associates." ("Nationwide Gives Big Bonuses, Credits Tax Reform," KCCI8, 1/3/2018)
AT&T: "AT&T Is Giving $1,000 Bonuses To 200,000 Employees After Tax Bill: AT&T was quick to respond to news of U.S. tax reform, announcing it would give some employees bonuses once the legislation is signed into law. The telecom giant said in a press release Wednesday that it would give more than 200,000 U.S. union members a special bonus of $1,000. The company also increased its capital expenditures budget by $1 billion in the U.S. 'Congress, working closely with the President, took a monumental step to bring taxes paid by U.S. businesses in line with the rest of the industrialized world,' CEO Randall Stephenson said in a statement. 'This tax reform will drive economic growth and create good-paying jobs. In fact, we will increase our U.S. investment and pay a special bonus to our U.S. employees.'" ("AT&T Is Giving $1,000 Bonuses To 200,000 Employees After Tax Bill," CNBC, 12/20/2017)
COMCAST: "Based on the passage of tax reform and the FCC's action on broadband, Brian L. Roberts, Chairman and CEO of Comcast NBCUniversal, announced that the Company would award special $1,000 bonuses to more than one hundred thousand eligible frontline and non-executive employees. Roberts also announced that the Company expects to spend well in excess of $50 billion over the next five years investing in infrastructure to radically improve and extend our broadband plant and capacity, and our television, film and theme park offerings. With these investments, we expect to add thousands of new direct and indirect jobs." (Comcast, Press Release, 12/20/2017)
BOEING: "Boeing Chairman, President and Chief Executive Officer Dennis Muilenburg praised the tax bill passed by Congress and about to be signed into law as a critical driver of business, economic growth and innovation for the United States and for Boeing…. While Boeing is still studying all of the provisions of the new legislation, Muilenburg announced immediate commitments for an additional $300 million in investments that will move forward as a result of the new tax law:
- $100 million for corporate giving, with funds used to support demand for employee gift-match programs and for investments in Boeing's focus areas for charitable giving: in education, in our communities, and for veterans and military personnel.
- $100 million for workforce development in the form of training, education, and other capabilities development to meet the scale needed for rapidly evolving technologies and expanding markets.
- $100 million for 'workplace of the future' facilities and infrastructure enhancements for Boeing employees." (Boeing, Press Release, 12/20/2017)
CVS: "CVS Health: Pledge to hire 3,000 more workers…. CVS Health announced in October it would create 3,000 permanent jobs if corporate tax rates went down. CFO David Denton said in November: "To the degree that we have [tax] relief, there's a lot of investments that we think we can make within our business model that can more rapidly expand our business model across the country and deliver better care and higher quality and lower cost. So we would look to take the benefit of that and invest it clearly." ("America's 20 largest companies on tax reform," The Washington Post, 12/20/2017)
Georgia: TOTAL SYSTEM SERVICES INC.: "Total System Services Inc. … is crediting tax reform for cash bonuses going to their team members worldwide. A spokesperson for the Columbus, Ga.-based credit card processor best known as TSYS told Atlanta Business Chronicle that it made an internal announcement Tuesday that team members would receive a 'special one-time cash bonus of $1,000' as 'a result of the company's continued success and the recently passed U.S. tax reform legislation.' TSYS, which is celebrating its 35th anniversary in 2018, has about 11,500 employees…" ("TSYS Credits Tax Reform For $1K 'One-Time Cash Bonus' To Team Members," Atlanta Business Chronicle, 1/2/2018)
Kentucky: TURNING POINT BRANDS, INC.: "…has announced it will deliver bonuses to 107 employees thanks to President Donald J. Trump's signing of the Tax Cuts and Jobs Act. 'We can attest that this tax package is directly benefiting working people, just as our national leaders promised when they started this effort.' 'We are giving $1,000 bonuses as a direct result of tax reform becoming law. These employees would not normally get a bonus like this. Our dedicated employees are responsible for our success, and we are very pleased to announce this bonus for them during the holiday season. We are extremely happy with tax reform and wanted our valued employees to feel the benefits,' Chief Executive Officer Larry Wexler said. 'We can attest that this tax package is directly benefiting working people, just as our national leaders promised when they started this effort.'" (Turning Point Brands, Inc., Press Release, 12/28/2017)
Oklahoma: EXPRESS EMPLOYMENT PROFESSIONALS: "Express Employment Professionals nonexecutive employees in Oklahoma City each will receive a $2,000 bonus before the end of the year, CEO Bob Funk said Tuesday. Funk said the bonus is in part because of the company's expected savings from the tax reform legislation Congress passed last week. 'We wanted to show our appreciation for our employees for doing such a good job this year,' Funk told The Oklahoman on Tuesday. 'It's our privilege to be able to give back to our employees.' The bonus will be provided to the more than 200 nonexecutive employees at Express Employment Professionals' Oklahoma City headquarters." ("Express Employment Professionals To Pay $2,000 Bonus To More Than 200 Oklahoma City Workers," News OK, 12/27/2017)
Oklahoma / Texas: AAON: "Workers at Tulsa-based AAON will celebrate the new year with some extra cash. AAON announced Tuesday that people employed by AAON on Jan. 1, 2018, excluding officers, will receive a $1,000 bonus in recognition of the new tax reform law. AAON, which manufactures industrial and commercial HVAC equipment, employs about 2,000 at facilities in Tulsa and Longview, Texas." ("Tax Reform Legislation Prompts AAON To Distribute Bonuses," Tulsa World, 1/3/2018)
North Carolina: IAT INSURANCE GROUP: "IAT Insurance Group ownership and management announced today the company will pay a $3,000 bonus to all non-executive employees on January 15, 2018. The additional bonus comes in response to the newly passed tax reform bill – the tax savings will be shared with approximately 700 employees." ("IAT Insurance Group Announces $3,000 Tax Reform Bonus for Employees," Fox8, 12/22/2017)
Idaho: MELALEUCA: "Idaho health care and home products company Melaleuca Inc. announced Thursday that it will be the latest major business to give its workers bonuses in response to President Donald Trump's tax cuts. Melaleuca CEO Frank VanderSloot said in a phone interview that his 2,000 workers will get a one-time bonus of $100 for every year they have worked at the company. On average, Melaleuca employees stay at the company eight years – which would result in an $800 bonus. The company also has 147 employees who have worked for VanderSloot for 20 years or more." ("Idaho Company To Offer Bonuses Following Tax Plan," The Associated Press, 12/21/2017)
- "'We're going to be able to have quite a few substantial dollars after taxes,' VanderSloot said. 'I suspect we're one of the largest taxpayers in the state, so we're going to have some more dollars to spread around. That money should go to the people who built the company.' … VanderSloot … said he came up with the idea after his wife told him about other companies giving back to their employees. According to VanderSloot, bonuses will be distributed to all employees at each of the companies he owns." ("Idaho Company To Offer Bonuses Followjing Tax Plan," The Associated Press, 12/21/2017)
Delaware: DELAWARE SUPERMARKETS INC.: "Delaware Supermarkets Inc. is handing out $150 bonuses to 1,000 non-management and union-represented employees as a result of the recent tax reform bill being signed into law." (Delaware Supermarkets, Inc., Press Release, 12/28/2017)
South Carolina: NEPHRON PHARMACEUTICALS: "Nephron Pharmaceuticals announced Wednesday the company's 640 South Carolina employees are receiving a five percent pay raise, attributing the move to the tax bill passed by Congress this month. … The raise will bring the average Nephron salary to $70,000 a year, Kennedy said, with a base wage of $15 an hour." ("Republican Tax Cut Leads Nephron Pharmaceuticals In S.C. To Give Raises To Its Employees," Post & Courier, 12/27/2017)
Virginia, New Jersey, California, Puerto Rico: NEXUS SERVICES, INC.: "All Nexus Services, Inc. employees will receive a 5% raise, starting in January 2018, CEO Mike Donovan announced today. Also, Nexus unveiled plans to hire another 200 workers over the course of 2018 – doubling the size of Nexus Services, Inc. workforce nationwide. Many of the new jobs will be created in Virginia's Shenandoah Valley and other jobs will be in San Juan (Puerto Rico), Hackensack (NJ), Ontario (CA) and other sites nationwide. … A combination of an improved business outlook for 2018 and tax reform by Congress has enabled Nexus Services, Inc. to make these generous changes." ("Nexus Services, Inc. Announces 5% Raises And 200 New Jobs," NBC 29, 12/22/2017)
Nationwide: RUSH ENTERPRISES: "Rush Enterprises, Inc., which operates the largest network of commercial vehicle dealerships in North America, today announced that as a result of recent tax reform legislation, it will provide a one-time $1,000 gift to its approximately 6,600 employees in the United States. 'We believe tax reform to be beneficial for Rush Enterprises, our communities and overall economic growth,' said W.M. 'Rusty' Rush, Chairman, Chief Executive Officer and President of Rush Enterprises, Inc. 'We are happy to take this step to invest in our employees and honor their important contributions to our company with this $1,000 gift,' he added. The $1,000 discretionary bonus will be paid to all Rush Enterprises, Inc. employees …" (Rush Enterprises, Press Release, 12/21/2017)
New York: PIONEER CREDIT RECOVERY: "Nearly all of the 800 employees at Pioneer Credit Recovery, a major employer in Wyoming County [NY], will start the New Year with a few extra bucks. That's because parent company Navient is joining the growing list of corporations paying bonuses to employees in the wake of the federal tax reform bill. According to an internal memo reviewed by [Buffalo] Business First, the company will pay $1,000 to all non-officer employees, or 98 percent of its workforce…. Pioneer Credit is one of the largest debt consolidation companies in Western New York." ("In The Wake Of Tax Reform Bill, Pioneer Credit Recovery Workers Will Receive $1K Bonuses," Buffalo Business First, 12/29/2017)
- "President and CEO Jack Remondi told employees: 'One aspect of this bill lowered the corporate tax rate to help make America more competitive in the global market place and to help grow our economy. This lower tax rate has a positive impact to Navient. In response, I wanted to do something that would have an immediate impact for Team Navient.'" ("In The Wake Of Tax Reform Bill, Pioneer Credit Recovery Workers Will Receive $1K Bonuses," Buffalo Business First, 12/29/2017)
- "Some 16 employees of the three Lakeland branches of Fifth Third Bank found out soon after the law passed that they and the company's 13,500 full-time employees nationwide would get a $1,000 bonus stemming from approval of the new law. The bonuses arrived Friday. … Toshiko 'Tee' Threatt-Monroe, the lead customer-service representative at Fifth Third's Lakeland branch at 435 S. Combee Road, said she heard rumors of a bonus but didn't believe it until the company announced it in an email on Dec. 22, three days after the tax bill passed. The announcement excited the entire office, she said. 'I was excited as well,' Threatt-Monroe said. 'I read the email and said to myself, "Oh my God, this is actually happening."' ("New Tax Law A Net Plus For Polk Businesses," The Ledger, 1/2/2018)
BANK OF AMERICA: "Bank of America will give some of its employees a $1,000 bonus, citing the tax bill that was just signed into law. 'Beginning in 2018, we will see benefits from the tax reform ... in the form of lower corporate tax rates,' CEO Brian Moynihan said in an internal memo to employees obtained by CNBC. He also said that about 145,000 employees will receive the bonus." ("Bank Of America Is Giving Some Employees A $1,000 Bonus, Citing Tax Bill," CNBC, 12/22/2017)
U.S. BANCORP: "Minneapolis-based U.S. Bancorp today announced a $1,000 bonus for nearly 60,000 employees, a new minimum wage of $15 per hour for all hourly employees and a $150 million contribution to the U.S. Bank Foundation. The company also said it would enhance employee health insurance offerings and pour more money into improving customers' mobile and digital experiences." ("Banks Continue Post-Tax Reform Wage Increases, Community Investments," Banking Journal, 1/2/2018)
BB&T CORP.: "Nearly three-fourths of BB&T Corp.'s employees will get a one-time $1,200 bonus in January as part of the bank's response to the corporate tax rate cut signed into law Friday by President Donald Trump. … About 27,000 BB&T employees will receive the bonus. ... The bank had 37,189 employees as of Sept. 30, according to a regulatory filing. The bank also will raise its minimum hourly wage to $15 from $12 on Jan. 1, as well as provide $100 million to the bank's philanthropic fund." ("Banks Plan Bonuses, Wage Increases As A Result Of Tax Reform," Martinsville Bulletin, 12/26/2017)
SUNTRUST BANK: "Atlanta-based SunTrust Banks Inc. already has plans to capitalize on the recent tax reforms enacted by Congress and President Donald Trump…. SunTrust noted 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 (about 20 percent of workforce); A one percent 401(k) contribution to retirement savings for all teammates, in addition to the company's six percent match opportunity …" ("SunTrust CEO: Tax Reform Will Improve Competitiveness Of American Business, Promote Economic Growth," Atlanta Business Chronicle, 12/28/2017)
- SunTrust Chairman and CEO Bill Rogers: "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." ("SunTrust CEO: Tax Reform Will Improve Competitiveness Of American Business, Promote Economic Growth," Atlanta Business Chronicle, 12/28/2017)
ZIONS BANCORP: "Zions Bancorp …the Salt Lake City-based large regional bank, said Tuesday it would pay $1,000 bonuses to nearly 80% of its workforce and increase compensation for nearly 40% of employees as a result of the tax legislation passed late in December." ("Zions Bancorp Will Pay Employee Bonuses, Boost Salaries Thanks To Tax Bill," Marketwatch, 1/2/2018)
BANK OF HAWAII: "Bank of Hawaii, the state's second-largest bank, said it will give out $1,000 cash bonuses to 2,074 employees, or 95 percent of its workforce, that will be payable next week. The bonuses affect all employees below the senior vice president level. The bank also will increase its minimum wage to $15 an hour from $12 an hour starting Jan. 1." ("American Savings To Give Employees $1K Bonuses, Raise Minimum Wage," Star Advertiser, 12/23/2017)
FIRST HAWAIIAN BANK: "First Hawaiian Bank … will give out $1,500 cash bonuses to 2,264 employees, or all but 11 members of its senior management team, in early January. The state's largest bank also will increase its minimum wage to $15 an hour from $12.75 an hour for 613 employees starting Jan. 1." ("American Savings To Give Employees $1K Bonuses, Raise Minimum Wage," Star Advertiser, 12/23/2017)
AMERICAN SAVINGS BANK: "American Savings Bank is … giving bonuses to employees and increasing the minimum wage. The state's third-largest bank said today it will award $1,000 bonuses to nearly all of its employees, excluding members of its executive team. American Savings, which has 49 branches, said 1,150 employees will receive the bonus on Friday. In addition, the bank said it is increasing its starting wage to $15.25 an hour from $12.21 an hour, effective Jan. 1." ("American Savings To Give Employees $1K Bonuses, Raise Minimum Wage," Star Advertiser, 12/23/2017)
CENTRAL PACIFIC BANK: "Central Pacific Bank has become the fourth local financial institution to announce it will give holiday bonuses to employees and increase its minimum wage. The state's fourth-largest bank, which has about 850 employees, said late Sunday afternoon that it will provide a $1,000 bonus to all of its workforce with the exception of executives on its managing committee." ("Central Pacific Bank To Give $1,000 Bonuses, Increase Minimum Wage," Star Advertiser, 12/25/2017) FIRST HORIZON NATIONAL CORP: "Following a year of impressive performance by First Horizon National Corp. … and in connection with recent tax reform efforts, First Horizon is offering bonuses to employees. First Horizon will distribute $1,000 bonuses to eligible employees in January. … First Horizon's merger with Capital Bank, which closed on Nov. 30, created the fourth largest regional bank in the Southeast with approximately $40 billion in assets, $32 billion in deposits, $27 billion in loans and 350 branches in Tennessee, North Carolina, South Carolina, Florida, Mississippi, Georgia, Texas and Virginia." (First Horizon National Corp., Press Release, 12/22/2017)
GATE CITY BANK: "In response to the GOP tax bill recently passed by Congress, Gate City Bank announced plans late last week to reinvest $1.6 million to benefit its employees, customers and the community. Included in its plan is $625,000 in employee bonuses. According to a press release issued by Gate City, each employee will be hand-delivered a $1,000 bonus check on Jan. 15." ("In Response To Tax Bill, Gate City Bank Announces Reinvestment Plan," InfoRum, 12/29/2017)
NATIONAL BANK HOLDINGS CORPORATION: "National Bank Holdings Corporation … announced today its plan to deliver a $1,000 bonus to all of its non-commissioned associates who earn a base salary of less than $50,000 annually and are in good standing. This move is in part a response to the recently enacted tax legislation, which is anticipated to have a positive impact on the U.S. economy." (National Bank Holding Corp., Press Release, 12/27/2017)
INB: "A Spokane-based bank gave out raises and bonuses to its 200 workers in anticipation of a windfall from corporate tax cuts. After Congress passed a sweeping federal tax reform bill last month, INB announced it would raise its starting wage to $15 per hour and provide $500 year-end bonuses to all employees except senior executives." ("INB Increases Wages, Hands Out Bonuses Due To Tax Reform Bill," The Spokesman-Review, 1/2/2018)
OCEANFIRST BANK: "Going into 2018 with a sharply lower corporate tax rate, OceanFirst Financial Corp. plans to increase the minimum wage of tellers and customer service workers to $15 an hour, its chief executive officer said Friday. Christopher Maher said the move would help keep up with its competitors and attract workers for a job that has become increasingly high skilled. 'These are the folks that spend most of the time with our customers supporting them,' Maher said. 'That was the first and most immediate action we could take.'" … Its decision to increase wages was announced as President Donald Trump signed a sweeping law that will overhaul the U.S. tax code." ("OceanFirst Bank Raises Minimum Wage To $15 An Hour After Tax Reform," Asbury Park Press, 12/23/2017)
WESTERN ALLIANCE BANCORP: "Western Alliance [Bancorp], which has $20 billion in assets, plans to increase the base pay of the lowest-paid 50% of employees by 7.5% once the bill becomes law, the bank's chief executive Robert Sarver said in an interview Wednesday. Bonuses will also go up, bringing the total pay increase for this group of employees to around 10%. These employees generally make $75,000 or less." ("Banks Are Getting a Big Tax Cut. Wells Fargo, Others Plan to Share It With Employees," The Wall Street Journal, 12/20/2017)
- "Western Alliance, which operates units including Bank of Nevada and Torrey Pines Bank, also plans to increase its 401(k) match from 50% of an employee's contribution up to 6% of pay to 75% of an employee's contribution up to that same level. The bank, which has about 1,700 total employees, also plans to improve maternity leave benefits …" ("Banks Are Getting a Big Tax Cut. Wells Fargo, Others Plan to Share It With Employees," The Wall Street Journal, 12/20/2017)
COMERICA: "Dallas-based Comerica also provided a $1,000 bonus for its non-officer employees and boosted its bank-wide minimum wage to $15." ("Banks Continue Post-Tax Reform Wage Increases, Community Investments," Banking Journal, 1/2/2018) FIRST FINANCIAL
NORTHWEST: "First Financial Northwest, headquartered in Renton, Wash., said it would pay a $1,000 bonus to all of its non-executive employees." ("Banks Continue Post-Tax Reform Wage Increases, Community Investments," Banking Journal, 1/2/2018) BANK OF THE JAMES: "Bank of the James, Lynchburg, Va., raised its minimum wage to $15 per hour for employees with more than one year of service, added vacation days and substantially increased its charitable giving plans for 2018." ("Banks Continue Post-Tax Reform Wage Increases, Community Investments," Banking Journal, 1/2/2018)
FIRST FARMERS BANK AND TRUST: "First Farmers Bank and Trust in Converse, Ind., said that it would raise its minimum hourly wage by $2.50, provide a 2017 year-end bonus of $750 for all full-time employees, invest at least $250,000 annually in community development activities and spend at least $150,000 per year on employee professional development." ("Banks Continue Post-Tax Reform Wage Increases, Community Investments," Banking Journal, 1/2/2018)
ASSOCIATED BANK: "Associated Bank said Thursday it will boost its minimum hourly wage to $15 and pay workers a $500 bonus when the recently passed federal tax reform is signed, making it the first major Wisconsin firm to announce it is joining the list of companies saying their employees will directly benefit from the legislation. The Green Bay-based bank, the largest financial institution headquartered in the state, said it will raise its minimum wage to $15 an hour from $10 — a 50% boost — and distribute the one-time bonus to all hourly, non-commissioned employees once the tax legislation is signed into law. The company said the moves would affect about 55% of its workers. Associated has about 4,400 employees, with 3,400 of them in Wisconsin." ("Associated Bank To Boost Minimum Wage To $15, Pay One-Time Bonuses When Tax Reform Is Signed," Milwaukee Journal Sentinel, 12/21/2017)
NELNET & PINNACLE BANK: "At least two Lincoln companies are planning to use their expected windfall from tax cuts to pay bonuses to employees. Nelnet said Thursday that it will give nearly all of its 4,100 employees — about 2,500 of whom work in Lincoln — a $1,000 bonus in their Dec. 29 paycheck. Pinnacle Bank also said it plans to give $1,000 bonuses to all of its full-time employees in Nebraska, Kansas and Missouri. Both companies said the bonuses are the result of the recently passed congressional tax bill." ("Nelnet, Pinnacle Bank Announce Plans For Tax-Related Employee Bonuses," Lincoln Journal-Star, 12/22/2017)
- "In Nelnet's case, it will benefit from a reduction in the corporate tax rate from 35 percent to 21 percent. Pinnacle Bank, which is organized as an S Corporation, benefits from a different provision that exempts up to 20 percent of net taxable income. Nelnet CEO Jeff Noordhoek said the tax plan will greatly benefit the financial services company … Pinnacle Bank said 1,007 employees will receive the $1,000 bonuses. 'We feel strongly that the message should be loud and clear that this is a tax cut that will benefit all Americans,' Pinnacle Bancorp Chairman Sid Dinsdale said in a news release." ("Nelnet, Pinnacle Bank Announce Plans For Tax-Related Employee Bonuses," Lincoln Journal-Star, 12/22/2017)
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