Representative Steve Scalise, who last summer nearly lost his life to a criminally insane Democrat (is there any other kind?), has compiled a list of hundreds of American companies which have responded to the Trump tax cut by giving employees generous bonuses, pay raises, company stock, and/or additional 401K contributions. Many are also passing savings along to their customers, while others are expanding their operations and hiring additional staffing.
3.5 million workers (and counting) are already seeing the benefits of this historic tax cuts bill with businesses across the country that are now giving bonuses, pay raises, and new investments that will get our economy back on track, according to Rep. Scalise. U.S. companies are paying more than $3 billion in bonuses. Below are just a few of the companies that are taking action as a direct result of the Tax Cuts and Jobs Act.
1A AUTO | 1ST SOURCE | AALADIN INDUSTRIES | AAON | ABBVIE | ACCUWEATHER | ADAMS COMMUNITY BANK | ADVANCE FINANCIAL | ADVANCED SCIENCES & TECHNOLOGIES | AFLAC | ALASKA AIR | ALBERT LEA PUBLIC WARFEHOUSE | ALLIANT ENERGY | ALLY BANK | ALTRIA| AMARILLO NATIONAL BANK | AMBOY BANK | AMEREN ILLINOIS | AMERICACOLLECT| AMERICAN AIRLINES | AMERICAN BANK | AMERICAN COMMUNITY BANK | AMERICAN EXPRESS| AMERICAN FAMILY INSURANCE | AMERICAN SAVINGS BANK | ANDYMARK | ANFINSON FARM STORE | ANTHEM | APPLE | APPS PORTAMEDIC | AQUESTA FINANCIAL HOLDINGS | AR-15 GUN OWNERS OF AMERICA | ARIZONA PUBLIC SERVICE | ASSOCIATED BANK | ASSURANT | AT&T | ATLANTIC PACKAGING | ATLAS AIR | AUTONATION | AVANGRID | BALL VENTURES | BALTIMORE GAS & ELETRIC | BANCORP SOUTH | BANK OF ADVANCE | BANK OF AMERICA | BANK OF COLORADO | BANK OF HAWAII | BANK OF THE JAMES | BANK MIDWEST | BANK OF NEW YORK MELLON | BANK OF THE OZARKS | BB&T | BENCHMARK AUTO SALES | BENEFICIAL BANK| BERKSHIRE HILLS BANK | BEST BUY | BIO-TECHNE | BLACK HILLS ENERGY | BLACKBAUD| BLESSEY MARINE | BLUE HARBOR RESORT | BLUE HILLS BANK | BMO HARRIS BANK | BNB BANK | BOEING | BP | BROADRIDGE FINANCIAL | BROWN-FORMAN | BRUNS GENERAL CONTRACTING | CABOT OIL & GAS | CAMDEN NATIONAL BANK | CAMP CONSTRUCTION| CANARY LLC | CAPITAL ONE | CARL BLACK AUTOMOTIVE GROUP | CEDAR RAPIDS TOYOTA | CENTERSTATE BANK | CENTRAL BANK | CENTRAL PACIFIC BANK | CHARLES SCHWAB | CHARLIE BRAVO AVIATION | CHARLOTTE PIPE AND FOUNDRY | CHARTER | CHIPOTLE | CIGNA | CIRCUIT INTERRUPTION TECHNOLOGY | CITIZENS BANK | CLAYTON DISTILLERY | COACH, TRUCK, & TRACTOR | COGENT BUILDING GROUP | COLLEGE OF THE OZARKS | COLLING PEST SOLUTIONS| COMCAST | COMERICA | COMMERCE BANK | COMMONWEALTH EDISON | COMMUNITY TRUST BANK | COMMUNITY VALLEY BANK | CONSUMERS ENERGY | CONTINENTAL RAIL | COOPERSTOWN ENVIRONMENTAL | COPPERLEAF ASSISTED LIVING | CORNERSTONE HOLDINGS | CUSTOMERS BANK | CVS | DARDEN RESTAURANTS | DATA SALES CO. | DAVIS TRUST | DAYTON T. BROWN INC. | DENIZENS BREWING COMPANY | DEPATCO | DIME COMMUNITY BANK | DISCOVER | DISNEY | DOHRN TRANSFER | DOMINION ENERGY | DON RAMON RESTAURANT | DTI PARTNERS | DTN | DTE ENERGY | DUKE ENERGY | DYER CAPITAL | DYNAMIC FASTENERS | E-CYCLE | EAGLE RIDGE RANCH | EAGLE TELEPHONE SYSTEM, INC. | EASTIDAHONEWS.COM | EBERLE COMMUNICATIONS GROUP | ECOLAB | EL PASO ELECTRIC COMPANY | ELITE CLINICAL TRIALS | ELITE ROOFING SYSTEMS | EMKAY | EMPIRE NATIONAL BANK | EMPIRE STATE BANK | EMPLOYERS MUTUAL COMMUNICATIONS GROUP | ENNIS INC. | ENVIRONMENTAL CONSTRUCTION | EVANS BANK | EVERSOURCE ENERGY | EXPANDED TECHNOLOGIES | EXPRESS EMPLOYMENT PRC | EXXON MOBIL | FAMILY EXPRESS | FEDEX | FIAT CHRYSLER | FIDELITY | FIFTH THIRD BANK | FINANCIAL INSTITUTIONS | FIREBIRD BRONZE | FIRST BANK & TRUST | FIRST FARMERS BANK | FIRST FEDERAL COMMUNITY BANK | FIRST FINANCIAL | FIRST FINANCIAL NORTHWEST | FIRST HAWAIIAN BANK | FIRST HORIZON NATIONAL CORP | FIRST MERCHANTS | FIRST MIDWEST BANK | FIRST NATIONAL BANK | FIRST NORTHERN COMMUNITY BANK | 1ST SUMMIT BANK | FIRST SOUTHWEST BANK | FIRSTBANK| FIRSTCAPITAL BANK OF TEXAS | 5 SENSES SPA | FIVE STAR BANK | FLEMING CAR AND TRUCK COUNTRY | THE FLOOD INSURANCE AGENCY | FLUSHING FINANCIAL CORPORATION | FMS BANK | F.N.B. CORPORATION | FORT RANCH | FRANK L. VANDERSLOOT FOUNDATION | FTCH | FULTON FINANCIAL | GARDNER COMPANY | GATE CITY BANK | GET FOUND FIRST | GNARLY BARLEY| GREAT SOUTHERN BANK | GREAT WESTERN BANK | GREEN MOUNTAIN POWER | GREEN RECOVERY TECHNOLOGIES | GRIFFITH TRUCKING | GROUP 1 AUTOMOTIVE | GULF COAST BANK | THE HAMMOCK SOURCE | HAPPY STATE BANK | HARBORONE BANK | HARFORD ALARM COMPANY | HARRIS CORPORTATION | THE HARTFORD | HARVARD BUSINESS SERVICES | HAWAII NATIONAL BANK | HAWAIIAN ELECTRIC | HAWTHORN BANK | HEARTLAND BANK | HOME BANK | HOME DEPOT | HOMESTREET BANK | HONEYWELL | HOSTESS | HUMANA | IAT INSURANCE GROUP | IBERIA BANK | IDEXX LABRATORIES | INLAND NORTHWEST BANK | INFORMATION FIRST | INSPERITY | INTERNATIONAL OFFSET CORPORATION | INUNISON INC. | IOWA-AMERICAN WATER CO. | IRON HORSE ENERGY SERVICES | ISG | ISI FINANCIAL GROUP| JETBLUE | JIM RINEHART INSURANCE | JOHNSON BANK | JONES AUTO & TOWING | JORDAN WINERY | JOSEPH’S LITE COOKIES | JP MORGAN | KALB INDUSTRIES | KANSAS CITY POWER| KANSAS CITY SOUTHERN | KAUAI CATTLE LLC | KEG CREEK BREWING | KEVIN-CHARLES FURNITURE | KEY BANK | KEYCORP | KISH BANK | KRAMERICA PROPERTIES | LAKESTONE BANK| LAND & CO | LAWRENCE PAPER COMPANY | LEAK SEALERS | LG&E AND KU | LINCOLNWAY BANK | LOK-N-LOGS, INC. | LOUD & CLEAR COMMUNICATIONS | LOWE’S | MAINSOURCE FINANCIAL | M&T BANK | MARSH & MCLENNAN | MASS UTILITES | MB FINANCIAL | MELALEUCA| MERCK | MERIDIAN BANK | METAIRIE BANK | METLIFE | MID-AM | MIDAMERICAN ENERGY | MILL STEEL COMPANY | MINCEY MARBLE | MOUNTAIRE | MOVE IT OR LOSE IT MOVING LLC | MUSICNOTES | NATIONAL BANK HOLDINGS CORP | NATIONAL GRID | NATIONAL GRID RHODE ISLAND | NATIONWIDE | NATURAL GUARDIAN | NAVIENT | NBT BANK | NELNET | NEPHRON PHARMACEUTICALS | NEW LIBERTY DISTILLERY | NEXTAR MEDIA GROUP | NEXTIER BANK | NOAH BANK | NORTH SHORE BANK | NORTHCO PRODUCTS, INC. | NORTHEAST VAPOR SUPPLIES | NORTHERN INDIANA PUBLIC SERVICE COMPANY | NORTHPOINT APARTMENTS | NORTHWESTERN ENERGY | OCEANFIRST | OHNWARD BUSINESS | OKLAHOMA CORPORATION COMMISSION | OLD DOMINION FREIGHT LINE | ONCOR | PACIFIC POWER | PATTISON SAND COMPANY | PAYNE TRUCKING | PENSKE AUTOMOTIVE GROUP | PEOPLES BANK | PEOPLES BANK| PEPCO | PFIZER | PINNACLE | PIONEER CREDIT RECOVERY | PITNEY BOWES | PNC BANK | PODCASTONE | PRIORITY COURIER EXPERTS | QUEST DIAGNOSTICS | RDR, INC. | REGIONS FINANCIAL | RESIDENT CONSTRUCTION LLC | RGF ENVIRONMENTAL GROUP | RIO BANK| RIVERBEND COMMUNICATIONS | RIVERBEND MANAGEMENT, INC. | RIVERBEND RANCH| RIVERBEND SERVICES | ROCKY MOUNTAIN POWER | ROD’S HARVEST FOODS | ROYAL HAWAIIAN HERITAGE JEWELRY | RUSH ENTERPRISES | RUSSELL LANDS | RYDER SYSTEM | SABAN CAPITAL GROUP | SEWICKLEY SPA | SHEFFER CORPORATION | SHOPRITE | SINCLAIR BROADCAST | SKYWEST AIRLINES | SMITH CHEVROLET | SMITH HONDA | SMITH RV | SOUTH POINT | SOUTH STATE BANK | SOUTHWEST | SPECTRUM ADHESIVES | SPELLEX CORPORATION | SPORT CLIPS FRANCHISES | ST. JOHN PROPERTIES | STAFFORD BOUNCE N PLAY | STARBUCKS | STATE STREET | STAUB MANUFACTURING | STEEL DESIGN LLC | STERIS | STIFEL FINANCIAL CORP. | SUMMIT STATE BANK | SUN COMMUNITY NEWS | SUN TRUST | SUNDANCE VACATIONS| SUSSEX WIRE INC. | SUTTER MASONRY | SYNOVUS FINANCIAL | TCF FINANCIAL | TERRITORIAL SAVINGS BANK | TEXAS CAPITAL BANK | THERMO FISHER SCIENTIFIC | TOKIO MARINE HHC| TOTAL SYSTEM SERVICES | TOWN BANK | TRAVELERS | TRI-STATE TRAILER SALES | TRUE NORTH STEEL | TURNING POINT BRANDS | TURNING POINT USA | TYSON FOODS | U.S. BANK | UMPQUA BANK | UNION BANK & TRUST | UNITED BANK | UNITY BANK | UPS | VERIZON | VERST LOGISTICS | VISA | WALMART | WASHINGTON FEDERAL | WASHINGTON TRUST BANK | WASTE MANAGEMENT | WEBHOBBY SHOP | WEBSTER BANK | WELLS FARGO | WESTAR ENERGY | WESTERN ALLIANCE | WESTERN & SOUTHERN FINANCIAL GROUP | WHITE PINE WINERY | WILLIS LEASE FINANCE | WILLOW CREEK WOODWORKS | WINDSOR FEDERAL SAVINGS | YAM WORLDWIDE | YANCEY BROS. | ZIONS BANK
1A AUTO – WESTFORD, MASS.:
Massachusetts based online auto parts retailer 1A Auto announced across the board cash bonuses for all full-time employees. CEO Rick Green says that the decision was based on recent changes to tax policy.
In a company meeting Wednesday, Green told employees, “Ultimately the tax savings will be passed to our customers in the form of lower prices, but we want to also share some of the savings with you, our hard-working employees.”
1ST SOURCE – SOUTH BEND, IND.:
- The issuance of 10 shares of 1st Source stock currently valued at $500.00 in early 2019 (which must be held for three years) to all employees who were active with the company December 31, 2017 and are also active with the company on December 31, 2018.
- An additional performance award base pay increase of $500.00 to eligible colleagues.
- A significant increase in the company’s higher education tuition reimbursement program to an annual benefit of $6,000 from $3,000.
AALADIN INDUSTRIES – ELK POINT, S.D.:
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Bonuses of $250 – $1,000 based on length of service; base wage raised; increased capital expenditures.
AAON – TULSA, OKLA.:
Personnel employed by AAON, excluding officers, will receive a $1,000 bonus in recognition of the new tax reform law. AAON employs approximately 2,000 individuals at its Tulsa, Oklahoma and Longview, Texas facilities.
ABBVIE – NORTH CHICAGO, ILL.:
- permanent salary increases for all non-executive employees; increased profit sharing for employees; one additional holiday for U.S. employees.
ACCUWEATHER – STATE COLLEGE, PA.:
AccuWeather, the world’s fastest-growing provider of forecasts and warnings and a global leader in digital media and weather-related big data, announced it is pleased to be providing special year-end bonuses to all employees. AccuWeather said the bonuses are possible due to the company’s robust financial performance in 2017 and strong confidence in the growing U.S. and global economy now that the Tax Bill has passed.
ADAMS COMMUNITY BANK – ADAMS, MASS.:
- Paying a special one-time bonus of $1,000 to full time employees, and $500 to part time employees. This initiative is focused on those employees making below a certain compensation threshold.
- Increasing base pay by $1 per hour for regular non-officer employees making below a certain compensation threshold.
- Raising our minimum wage to $13.25.
- Reducing the employee’s share of medical and dental insurance premiums from 30% to 20%, for all bank employees who are not officers.
- Increasing interest rates on customer deposit products beginning in January.
ADVANCE FINANCIAL – NASHVILLE, TENN.:
Advance Financial Chief Experience Officer Tina Hodges announced to employees Friday morning a tax initiative that will yield an additional collective $500,000 to employees and more than $550,000 to community organizations.
1.) Increasing its 401(k) match from 3 percent to 5 percent for all employees.
2.) Increasing the share of profits that front line employees can receive from 3 percent to 5 percent. (Front-line employees, who man Advance Financial’s 85 locations across Tennessee, account for 85 percent of the company’s 800-plus employees.)
3.) Increasing giving to the Advance Financial Foundation by 8 percent. (The foundation provides donations to nonprofit organizations in communities served by Advance Financial.)
The company’s average starting wage is more than $15 an hour.
ADVANCED SCIENCES & TECHNOLOGIES – BERLIN, N.J.:
Increased 401(k) match for employees.
AFLAC – COLUMBUS, GA.:
Aflac announced that it is increasing investments by $250 million in the U.S., which will result in the producktion of jobs and employee benefits, and marks a significant commitment from mid-sized market cap company. Additionally, Aflac will increase their company’s 401(k) match, from 50% to 100% on the first 4% of employee contribution and make a one-time contribution of $500, helping families to build up their nest egg.
ALASKA AIR – SEATTLE, WASH.:
Alaska Airlines is giving its employees a $1,000 bonus, citing the tax cut passed last month by Congress and signed by President Donald Trump.
ALLIANT ENERGY – CEDAR RAPIDS, IOWA:
Interstate Power & Light, an Alliant Energy subsidiary based in Cedar Rapids, said it would return between $18.6 million and $19.6 million to customers.
Alliant’s gas customers could have between $500,000 and $3.7 million returned to them.
ALTRIA – RICHMOND, VA.:
Altria Group Inc., one of the Richmond area’s largest private employers, says it is giving all of its non-executive employees a one-time $3,000 bonus, thanks to the corporate tax cut passed by Congress in December.
The Henrico County-based parent company of cigarette maker Philip Morris USA said it also plans to set aside $35 million over three years for philanthropic programs in the communities where it has operations, focusing particularly on nonprofit programs in youth development and workforce preparedness. The money is in addition to the roughly $55 million a year that Altria typically donates to philanthropy, a company spokeswoman said.
The bonus to employees is expected to be paid out this month and will amount to a total of $24 million for the company’s approximately 7,900 non-executive employees.
AMARILLO NATIONAL BANK – AMARILLO, TEXAS:
Christmas came early for more than 300 employees at Amarillo National Bank when they found out they’d be getting a $1,000 pay raise.
The bosses at ANB are saying the pay increase is because of the GOP’s tax reform bill.
The raises are the highest salary and wage increases in the bank’s history.
313 of the bank’s 600 full-time, non-salaried employees will get an immediate raise of $1,000.
AMBOY BANK – OLD BRIDGE, N.J.:
A Central Jersey bank with 24 branches is boosting the minimum pay for its workers to $15 an hour.
Old Bridge-based Amboy Bank will also pay all non-executive employees a a minimum year-end bonus of $1,000, it said in a statement, becoming at least fourth New Jersey bank to give its workers extra money.
AMEREN ILLINOIS – CHICAGO, ILL.:
Ameren Illinois electric customers could save an average of $2.50 to $3.00 per month in 2018 and natural gas customers could save an average of $1 per month if the Illinois Commerce Commission (ICC) approves the company’s plan to pass savings from the recently approved federal tax cut legislation back to its customers. Customers using both electricity and natural gas could see a combined savings.
AMERICACOLLECT – MANITOWOC, WIS.:
A Manitowoc-based company will give its roughly 250 employees a bonus following Congress’s passage of the tax reform bill the Tax Cuts and Jobs Act.
AMERICAN AIRLINES – FORT WORTH, TEXAS:
No. 1 U.S. airline American Airlines Group Inc said it would give its employees a $1,000 bonus in light of the recent tax reform bill.
AMERICAN BANK – ALLENTOWN, PA.:
American Bank became the first Lehigh Valley business to publicly announce it is paying $1,000 bonuses to its 60 workers in connection with the tax bill signed Friday by President Donald Trump.
AMERICAN COMMUNITY BANK – WOODSTOCK, WIS.:
$500 to each employee and announced additional hiring plans.
AMERICAN EXPRESS – NEW YORK, N.Y.:
Overall, we believe the Tax Act will be a positive development for both the U.S. economy and American Express. Given the momentum in the business and the anticipated benefit of a lower tax rate, we now expect to invest up to $200 million more in 2018 than we originally planned for customer-facing growth initiatives. We’ve also made an incremental contribution to our employee profit-sharing plans to support the long-term financial well-being of our employees. And, for shareholders, we expect to use the remaining anticipated benefits to build capital and support earnings growth in 2018.
AMERICAN FAMILY INSURANCE – MADISON, WIS.:
American Family Insurance said it will give 11,000 workers a one-time bonus of $1,000, becoming the latest U.S. company to pass some of the savings from federal tax reform to employees.
The Madison-based insurer said the reduction in the corporate income tax rate also would help fuel permanent changes to its employee benefits program, such as expanded tuition reimbursement, help paying student loans and scholarships for workers who pursue a post-high school degree.
AMERICAN SAVINGS BANK – HONOLULU, HAWAII:
The third-largest bank in Hawaii said it will award $1,000 bonuses to nearly all of its employees. In addition, the bank said it was increasing its starting wage to $15.25 an hour from $12.21 an hour.
ANDYMARK – KOKOMO, IND:
Andy Baker, president and owner of AndyMark, which manufactures and distributes mechanical and electrical parts for the competitive robotics market, said savings from the tax cut has accelerated his plans to hire more workers.
He said the company currently employs 25 full-time workers and up to 30 part-time and seasonal workers. Now, Baker anticipates doubling his workforce in the next five to 10 years.
“I think the tax bill is going to accelerate our growth,” he said. “We want more diversity with our business and more vertical integration, which requires more staff, and the tax cut its going to accelerate all that.”
ANFINSON FARM STORE – CUSHING, IOWA:
Anfinson Farm Store, a family business in Cushing, Iowa, has awarded $1,000 bonuses and raised wages 5% for all full-time employees as a result of tax reform. The good news was delivered to employees in person just after Christmas.
ANTHEM – INDIANAPOLIS, IND.:
Anthem, Inc. announced that the company will contribute $1,000 to the 401(k) accounts for each of its more than 58,000 associates and recent retirees. Anthem has created this new investment program for associates following revisions to the U.S. tax code that were enacted earlier this year. In total, Anthem will contribute more than $58 million to the program which helps Anthem associates plan for their retirement and the needs of their families in the future. In addition to the Anthem 401(k) program, the company is investing savings from the changes in the tax code in other efforts to reduce the cost of healthcare and benefit the consumers we serve and our shareholders.
APPLE – CUPERTINO, CALIF.:
Apple Inc. told employees Wednesday that it’s issuing a bonus of $2,500 worth of restricted stock units, following the introduction of the new U.S. tax law, according to people familiar with the matter.
The move comes on the same day Apple said it would bring back most of its cash from overseas and spend $30 billion in the U.S. over the next five years, funding an additional technical support campus, data centers and 20,000 new employees.
APPS PORTAMEDIC – BELLEVUE, WASH.:
At the Bellevue small business called APPS Portamedic, two employees schedule the health tests people get when they apply for life insurance.
Owner Ben Oakley says he’ll benefit from the new tax rules for many small businesses.
“Anything from the 20 percent reduction down to 17.5 percent, we have a lot of equipment in our business so we’re going to see a tax break there. I was looking at the numbers just based on our simple tax bracket as my wife and I you know it’s about a $2,500 benefit just for income tax alone,” Oakley said in an interview.
AQUESTA FINANCIAL HOLDINGS – CORNELIUS, N.C.:
Aquesta Financial Holdings in Cornelius, N.C., will raise hourly pay to $15 and will be giving $1,000 bonuses to all of it workers.
AR-15 GUN OWNERS OF AMERICA – WARNER ROBINS, GA.:
- Tax reform bonuses
- Increased salaries for all employees.
ARIZONA PUBLIC SERVICE – PHOENIX, ARIZ.:
APS has requested the Arizona Corporation Commission approve a $119 million bill reduction for customers, based on federal corporate tax cuts, effective February 1, 2018.
ASSOCIATED BANK – GREEN BAY, WIS.:
Associated Bank said 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.
ASSURANT – NEW YORK, N.Y.:
U.S. tax reform a positive for Assurant. Based on preliminary review, Assurant expects:
- Effective tax rate to be reduced to approximately 22%-23% on Assurant current standalone income worldwide
- No transition tax on accumulated foreign earnings
- Future dividends from Assurant’s non-U.S. subsidiaries not subject to U.S. tax
- Q417 will include a one-time benefit to consolidated GAAP net income due to the reduction of net deferred tax liabilities, but write-down on a statutory basis for the insurance subsidiaries due to the reduction of net deferred tax assets
AT&T – DALLAS, TEXAS:
Once tax reform is signed into law, AT&T plans to invest an additional $1 billion in the United States in 2018 and pay a special $1,000 bonus to more than 200,000 AT&T U.S. employees — all union-represented, non-management and front-line managers. If the President signs the bill before Christmas, employees will receive the bonus over the holidays.
ATLAS AIR – PURCHASE, N.Y.:
Atlas Air will be providing a special one-time bonus payment to all full-time flight and ground staff employees below the officer level. We are pleased to offer this bonus to our flight crew employees as the Union is in agreement. This bonus will be funded by a tax refund that the Company expects as a result of the newly enacted U.S. tax law.
The $1,000 bonus will be provided in early January.
AUTONATION – FT. LAUDERDALE, FLA.:
AutoNation announced that it will double its matching contributions to employees’ 401(k) plans, increase its deferred compensation match to up to 100% for the first $5,500 and launch a cancer benefits program for employees diagnosed with the disease.
AVANGRID– ORANGE, CONN:
AVANGRID’s regulated natural gas and electricity companies will pass along to customers the full benefit of any tax savings that the companies realize as a result of the 2017 federal tax reform act.
Among other changes, the tax reform act reduces the federal corporate tax rate from 35 to 21 percent. As a matter of fairness, AVANGRID believes that any resulting tax savings should be extended to customers.
BALL VENTURES – IDAHO FALLS, IDA.:
Ball Ventures, a commercial real estate investment and development company, is giving each employee $100 for every year of their employment.
BALTIMORE GAS & ELECTRIC – BALTIMORE:
BGE will file with the Maryland Public Service Commission (PSC) to pass approximately $82 million in annual tax savings to customers, resulting from federal tax cost reductions. The Tax Cuts and Jobs Act, which decreased the corporate tax rate from 35 percent to 21 percent, was signed into law on Dec. 22, 2017 and became effective on Jan. 1, 2018. If approved by the PSC, the average BGE residential electric customer can expect to see an estimated $2.31 decrease on their monthly bill, and the average residential combined natural gas and electric customer can expect an estimated $4.27 monthly reduction, effective in February 2018.
BANCORP SOUTH – TUPELO, MISS.:
BancorpSouth said it was giving pay increases and one-time businesses totaling more than $10 million as “an additional investment … to nearly all non-commissioned employees.”
The investment this year will benefit 96 percent of the company’s non-commissioned workforce, BancorpSouth said. The pay increases were effective Jan. 1.
BANK OF ADVANCE – ADVANCE, MO.:
- $1,000 bonuses to all staff.
BANK OF AMERICA – CHARLOTTE, N.C.:
“Beginning in 2018, we will see benefits from the tax reform, too, in the form of lower corporate tax rates. In the spirit of shared success, we intend to pass some of those benefits along immediately. U.S. employees making up to $150,000 per year in total compensation – about 145,000 teammates – will receive a one-time bonus of $1,000 by year-end.”
BANK OF COLORADO – FORT COLLINS, COLO.:
Bank of Colorado is paying a special bonus of $1,000 to each full-time associate to share the benefit of the tax cut passed earlier this month by Congress.
President of Bank of Colorado, Shawn Osthoff said, “We feel strongly that the message should be loud and clear that this is a tax cut that will benefit all Americans.” Bank of Colorado has 641 associates in Colorado and New Mexico.
BANK OF HAWAII – HONOLULU, 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. 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.
BANK OF THE JAMES – LYNCHBURG, VA.:
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.
BANK MIDWEST – SPIRIT LAKE, IOWA:
- $500 bonuses for full-time employees and $250 bonuses for part-timers.
BANK OF NEW YORK MELLON – NEW YORK, N.Y.:
Bank of New York Mellon Corp. (BK) executives said nearly all of this year’s benefits from the new U.S. tax law will go to technology upgrades and its employees instead of shareholders.
That includes a raise in the minimum wage to $15 an hour starting March 1 largely for those who work in the firm’s operations unit. The higher hourly wage will affect about 1,000 of the bank’s 52,500 employees, according to finance chief Mike Santomassimo.
BANK OF THE OZARKS – LITTLE ROCK, ARK.:
Bank of the Ozarks has announced an annual cash-based incentive bonus plan for hourly employees and certain other employees.
Under the terms of the plan, employees of the Little Rock-based bank will be eligible to receive a cash award of up to $1,200 annually based on company and individual employee performance. Approximately 2,300 of the company’s current employees will be eligible to receive awards under the plan.
BB&T – WINSTON-SALEM, N.C.:
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 by President Donald Trump.
About 27,000 BB&T employees will receive the bonus. Most of them are not eligible for incentives or commissions, BB&T said. 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.
BENCHMARK AUTO SALES – ASHEVILLE, N.C.:
A weight many Americans shoulder everyday is now gone for the people who work in gravel lot filled with cars along Brevard Road near the Blue Ridge Parkway.
We’re talking health care.
“We had 80 percent of our staff was not insured. We have 100 percent insured now. That’s a big feat,” Benchmark Auto Sales owner Joe Segrave said.
It was Segrave’s decision, but he said it would not have happened without the tax bill that finally passed on Capitol Hill.
“I think all of us share a certain level of disgust with what’s going on with politics in our nation, and, really, I like to keep this as an apolitical decision,” Segrave said. “The bottom line is I had a chance to pay it forward to my employees.”
Paying it forward to the tune of about $4,100 a year per employee. That’s about $120,000 total. From the front office to the repair shop, employees are feeling it.
BENEFICIAL BANK – PITTSFIELD, MASS.:
- base wage raised to $14 per hour; $1,000 bonuses for all AVP Level employees and below; 4.5% employer contribution to 401(k) plans:
BERKSHIRE HILLS BANK – BOSTON:
- Raising Berkshire’s minimum wage to $15 per hour.
- Providing a special, one-time bonus of $1000 to over 1000 employees. This grant benefits all full–time employees below a certain compensation threshold, covering over 70% of the Bank’s workforce, and augments the special $500 holiday bonus these colleagues received in the fourth quarter.
- Enhancing Berkshire’s investment in employee development and training programs to benefit our employees and bolster our current offering at AMEBU – American’s Most Exciting Bank University.
- Contributing $2 million to the Berkshire Bank Charitable Foundation which supports charitable organizations, scholarships, and volunteerism across Berkshire’s local communities. This will bolster the foundation’s endowment and allow for increased local giving. Last year we provided over $2 million to our local communities, complementing our employee volunteer program which helps our employees contribute over 40,000 hours of volunteer service each year.
BEST BUY – RICHFIELD, MINN.:
Full-time workers will receive a one-time bonus of $1,000 and part-timers, $500.
All permanent employees who are not on an existing bonus plan will receive the additional funds. The bonuses will show up in workers’ paychecks this month.
In all, more than 100,000 of Best Buy’s 125,000 employees in the U.S., Mexico and Canada are expected to receive the extra cash.
BIO-TECHNE – MINNEAPOLIS, MINN.:
The biotech and diagnostics firm paid $500 bonuses for all 1,650+ employees.
BLACK HILLS ENERGY – RAPID CITY, S.D.:
“Black Hills Energy is currently reviewing the recently approved Tax Cuts and Jobs Act of 2017,” spokeswoman Brandy Johnson said in an email. “We will work with utility regulators to develop a plan to provide customers the benefit of the corporate tax rate reduction.”
BLACKBAUD – CHARLESTON, S.C.:
Most Blackbaud employees will receive about $2,000 worth of stock this month, a gift the Daniel Island-based company says it’s offering because of federal tax cuts approved last year.
BLESSEY MARINE – HARAHAN, LA.:
BLUE HARBOR RESORT – CHICAGO, ILL.:
Blue Harbor’s ownership joins the vast list of companies who have announced financial support of their employees. The Forsythe Family today dedicated a one-time cash bonus of $1,000 to each eligible Blue Harbor employee.
The Forsythe Family’s financial dedication to Blue Harbor employees is in direct response to President Trump’s Tax Cuts and Job Act of 2017.
BLUE HILLS BANK – NORWOOD, MASS.:
The Company recorded an expense of $70,000 in the fourth quarter of 2017 related to awarding a $1,000 bonus to each employee with a functional title below the Assistant Vice President level. The Company also took action to raise the hourly pay rate to $15 for a small number of hourly employees not already at that pay level.
BMO HARRIS BANK – CHICAGO, ILL.:
BMO Harris Bank Tuesday joined other banks in raising its minimum wage to $15 per hour because of the recent changes to the corporate tax rate.
BMO Harris, based in Chicago but with a major presence in Milwaukee, said it will also raise its level of community giving by 10 percent in 2018 because of the tax reform law. BMO Harris Bank gave more than $17 million to community groups throughout its U.S. footprint in 2017, emphasizing community and economic development, health and human services, education and the arts.
BNB BANK – BRIDGEHAMPTON, N.Y.:
BNB Bank said it was increasing its minimum wage from $13 to $15 in light of the lower corporate tax rate. The bank added it was also increasing wages for employees in the tier above that.
About 100 employees, or 20 percent of the bank’s workforce, will see an increase, BNB said.
BOEING – CHICAGO, ILL.:
- $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’s “Dollars for Doers” program will raise the gift match level for all employees, increasing the cap on eligible charitable gifts to $10,000 from $6,000.
BP – LONDON, ENGLAND:
British oil and gas company BP will increase investment in the United States after the lowering of tax rates under President Donald Trump, Chief Executive Bob Dudley said.
BROADRIDGE FINANCIAL – LAKE SUCCESS, N.Y.:
Broadridge Financial Solutions said it was boosting workers’ pay, delivering bonuses and expanding employee benefits as a result of strong company growth and the recent federal tax law changes.
Lake Success-based Broadridge said its minimum hourly wage will increase to $15 per hour. It will also pay a $1,750 bonus to hourly, nonmanagement associates.
BROWN-FORMAN – LOUISVILLE, KY.:
- $120 million contribution to the employee pension fund; creation of a charitable foundation with an initial $60 – $70 million contribution.
BRUNS GENERAL CONTRACTING – TIPP CITY, OHIO:
The company said it is investing in more equipment and strengthening its retirement benefits because of the money it expects to save in the next tax reform bill.
CABOT OIL & GAS – HOUSTON, TEXAS:
- $1,600 bonuses for employees.
CAMDEN NATIONAL BANK – CAMDEN, MAINE:
$1,000 bonus for full-time employees, a $750 bonus for part-timers and new funding both for customer-focused technology upgrades and for its community giving.
CAMP CONSTRUCTION HOUSTON, TEXAS:
Camp Construction Services, a Houston-based full-service general contractor, awarded its employees with $500 tax reform bonuses in December.
CANARY LLC – DENVER:
Canary LLC announced it will hire new employees and purchase more equipment.
CAPITAL ONE – MCLEAN, VA.:
Capital One is raising its base wage to $15 per hour for U.S. employees.
The news was announced to associates on Tuesday January 9, 2018.
CARL BLACK AUTOMOTIVE GROUP – KENNESAW, GA.:
- Bonus to over 500 employees, amount depending on years of service
CEDAR RAPIDS TOYOTA – HIAWATHA, IOWA:
Owner Scott Ryan decided to give each full-time employee a $500 tax break. The company sees the bonus checks as a way to give back to both the employees and the community, thinking many of the employees will spend the extra money around town.
CENTERSTATE BANK – DAVENPORT, FLA.:
CenterState Bank is giving $1,000 bonuses to its non-officer employees as a result of the new tax law. About 700 workers, or 60 percent of the company’s employees as of Dec. 31, will receive the bonus, CenterState said in a Jan. 19 filing with the U.S. Securities and Exchange Commission.
CENTRAL BANK – ST. LOUIS:
Central Bank of St. Louis employees will get a special bonus as a result of the new federal tax reform.
Central Bancompany, Inc., which employs more than 2,500 people across four states, announced Friday that full-time employees would receive a $1,000 bonus and part-time employees would receive a $500 bonus.
CENTRAL PACIFIC BANK – HONOLULU, HAWAII:
Hawaii’s fourth-largest bank told the Star Advertiser it would provide $1,000 cash bonuses to employees outside of the executives on its management committee on Friday, as well as increase its starting pay to $15.25 an hour from $12 an hour on January 1. “With the announcement of the lowering of the corporate tax rate, we are delighted to be able to make this holiday season extra special for our hard-working employees, our most important asset,” CPB President and CEO Catherine Ngo said in a statement.
CHARLES SCHWAB – SAN FRANCISCO, CALIF.:
- $1,000 bonus for about 9,000 non-executive employees
CHARLIE BRAVO AVIATION – GEORGETOWN, TEXAS:
CEO Rene Banglesdorf of Charlie Bravo Aviation in Georgetown, Texas, committed to handing out $1,000 bonuses to her company’s six employees. Especially helpful to their operation, which sells and leases pre-owned aircraft, was that the bill allows immediate expensing of new and used equipment purchases.
CHARLOTTE PIPE AND FOUNDRY – CHARLOTTE, N.C.:
As an expression of gratitude for their hard work and dedication, and in anticipation of the lower federal tax rates made possible by The Tax Cuts and Jobs Act, we are pleased to be able to pay each Charlotte Pipe associate a special $1,000 bonus.
CHARTER – STAMFORD, CONN.:
Charter is increasing our investment in our workforce by ensuring all employees are paid a minimum wage of at least $15 per hour, including target commissions, within the next year.
CHIPOTLE – DENVER, COLO.:
- Chipotle’s hourly crew members will be eligible to earn a $250 bonus and its general managers will be able to earn $1,000.
- Chipotle said that a third of its $40 million to $50 million tax savings will go to its employees.
- The remainder of Chipotle’s tax savings would help fund the company’s $50 million investment in enhancing its existing restaurant locations.
CIGNA – BLOOMFIELD, CONN.:
- Cigna Raises Minimum Wage to $16.00 an hour
- Provides Additional $15 Million in Salary Raises, Largely for Front Line Employees
- Adds $30 Million to Employee 401(k) Match Program
- Commits Additional Investments to the Cigna Foundation
CIRCUIT INTERRUPTION TECHNOLOGY – ROGERS, MINN.:
Employees were notified just before Christmas of one extra week pay added to their final year end check as a result of the new tax reform measure.
Due to the positive atmosphere created by the passage of the tax bill Company profit sharing combined with normal 401K contributions amounted to an additional 5% per employee for 2017. CIT has added 10% to our staff thus far in January 2018 and more additions are expected.
CITIZENS BANK – PROVIDENCE, R.I.:
Citizens Bank is giving bonuses to its employees in the wake of the federal tax plan recently passed by Congress. Citizens Financial Group said it will contribute $12.5 million toward one-time $1,000 cash bonuses to an estimated 12,500 employees, as well as $10 million to the Citizens Charitable Foundation.
CLAYTON DISTILLERY – JEFFERSON COUNTY, N.Y.:
Michael L. Aubertine is looking forward to upgrading his Clayton Distillery using the extra revenue he’ll have due to the excise tax reduction for spirits from the federal tax reform bill.
COACH, TRUCK, & TRACTOR – CONNEAUT, OHIO:
Higher Christmas bonuses thanks to tax reform for this family business with seven employees. Bonus amounts determined by length of service.
COGENT BUILDING GROUP – POINT CLEAR, ALA.:
- $2,000 bonuses for all four employees.
COLLEGE OF THE OZARKS – POINT LOOKOUT, MO.:
College of the Ozarks has decided to issue a check to each College employee in the amount of $204 as a result of savings from the recent U.S. Tax Code revision.
“We were expecting to have to pay the extra amount in Obamacare costs,” said College President Jerry C. Davis. “We are grateful for this savings and want to pass it along to our hard-working employees. It is a simple, but tangible, way to express our appreciation to them. We hope other organizations will consider doing the same.”
COMCAST – PHILADELPHIA:
Comcast joined the growing list of companies announcing bonuses for employees due to the passage of the Tax Cuts and Jobs Act that allows businesses to be competitive again. More than 100,000 employees will now receive $1,000 bonuses, and the company plans to invest $50 billion over the next five years which will lead to the creation of thousands of jobs.
COMERICA – DALLAS, TEXAS:
Dallas-based Comerica provided a $1,000 bonus for its non-officer employees and boosted its bank-wide minimum wage to $15.
COMMERCE BANK – KANSAS CITY, MO.:
Citing the new federal tax reform legislation, Commerce Bancshares is giving thousands of its employees a $1,000 bonus.
The parent company of Commerce Bank, which has corporate offices in Clayton and Kansas City, said 3,450 full-time employees, or 75 percent of its workforce, will get the $1,000 bonus. Eligible part-time employees will get a $250 cash bonus.
COMMONWEALTH EDISON – KANSAS CITY, MO.:
ComEd is filing a petition with the Illinois Commerce Commission (ICC) seeking approval to pass along approximately $200 million in tax savings to its customers in 2018. If approved by the ICC, the average ComEd residential customer can expect to see an estimated $2-$3 decrease on their monthly bill related to the tax reduction.
The Tax Cuts and Jobs Act (TCJA), which was signed into law on Dec. 22, 2017 and became effective on Jan. 1, 2018, decreased the corporate tax rate from 35 percent to 21 percent, reducing the amount of federal income tax ComEd will have to pay.
COMMUNITY TRUST BANK – CHICAGO:
Community Trust Bancorp, Inc. is pleased to announce that in recognition of the contribution of the Company’s employees to the ongoing success of Community Trust Bancorp, Inc. and the positive impact the changes in tax laws will have on the Company, a special bonus for employees. All full time employees will receive a special bonus of $1,000 and employees classified as part time will receive a $500 bonus. Executive Management will not participate in this special bonus. The bonus will be paid to employees as soon as the new tax tables are released in 2018 so that employees may receive the full benefit of the reduction in tax rates.
COMMUNITY VALLEY BANK – EL CENTRO, CALIF.:
In consideration of the expected benefit from the corporate tax reduction, the bank awarded each employee a $500 bonus. The bank has also enhanced employee education and training opportunities for 2018 and expanded its community contribution budget toward local non-profit services.
CONSUMERS ENERGY – JACKSON, MICH.:
Consumers Energy was pleased to submit a proposal to the Michigan Public Service Commission that would lower customer bills starting in 2018 by approximately $200 million, as a result of the recent federal tax reform changes. We are thrilled to be able to pass along 100 percent of the savings from tax reform to the people we are privileged to serve. This underscores our commitment to people, planet and prosperity for all of Michigan.
CONTINENTAL RAIL – FT. LAUDERDALE, FLA.:
President Donald Trump, his administration and Congress recently passed a bill that overhauls the U.S. tax code. One of the biggest changes it makes is slashing the corporate tax rate to 21 percent from 35 percent.
Beginning in 2018, we will see benefits from this tax reform, in the form of lower corporate tax rates. We are excited about the benefits it will provide for our country’s economy, our Company, and our employees, In the spirit of shared success, we will pass those benefits along to employees. Each employee will receive a $500 bonus (before taxes) in their paycheck next Friday, February 2, 2018. We believe this is the right thing to do! – Excerpt from Jan. 24, 2018 letter to employees from John Marino, President & CEO
COOPERSTOWN ENVIRONMENTAL – ANDOVER, MASS.:
- Doubled the company-paid retirement contribution for all employees.
COPPERLEAF ASSISTED LIVING – ROTHSCHILD, WIS.:
An assisted-living business will give its 175 employees bonuses up to $600 as a result of the tax reform package passed by Congress and signed by President Trump.
CUSTOMERS BANK – WYOMISSING, PA.:
Customers Bank announced Friday that it pass to pass along some of its tax savings to consumers and the community, starting with a bonus checking account that earns two percent interest.
The new bonus checking account offers two percent APY on monthly average balances up to $100,000, with no fees or minimum balance requirements. To qualify, customers need to use their account’s debit card for signature purchases of at least $500 each month.
Customers Bank also announced Friday that it will increase its charitable giving by $1 million in 2018 and continue to pay its employees at least $15 per hour.
CVS – WOONSOCKET, R.I.:
The largest U.S. drugstore chain said Thursday that it would hike the starting wage for hourly workers to $11 per hour. That equals recent increases at Walmart and Target.
The company also said it would give pay raises to “many” of store workers and retail pharmacy technicians who were already making more than that.
CVS also plans to increased its paid parental leave policy to four weeks at 100% compensation for all new parents and said it would not increase employee health insurance premiums in its upcoming plan year.
Taken together, the company said the moves would cost $425 million annually.
DARDEN RESTAURANTS – ORLANDO, FLA.:
The Orlando-based restaurant chain said Monday the tax cut will prompt it to spend an additional $20 million on its 175,000-plus employees this year, but did not give specifics.
DATA SALES CO. – SCOTTSDALE, ARIZ.:
Data Sales Co., Inc. announced that the Company will celebrate the recent passage of tax reform legislation by distributing to all 80 plus employees a special bonus of $1,000 each. Data Sales Co. will benefit from the new tax law lowering the corporate tax rate from 35 percent to 21 percent.
DAVIS TRUST – ELKINS, W.V.:
- Davis Trust Company, Elkins, W.Va., provided a 3 percent across-the-board pay increase on top of year-end merit and cost-of-living increases.
DAYTON T. BROWN INC. – HOLLYWOOD, MD.
Dayton T. Brown Inc., an engineering and testing company, is giving each of its roughly 210 employees a $400 bonus.
DENIZENS BREWING COMPANY – SILVER SPRINGS, MD.:
- “Your first five years are when you’re trying to earn every penny,” says Julie Verratti, who co-founded Denizens Brewing Company in Silver Spring, Maryland in 2014 with a business loan backed by her own house. She estimates the tax break will save her $6,000 in 2018. “Every single bit of that goes back into the business.”
DIME COMMUNITY BANK – NEW YORK, N.Y.:
- Create jobs, by accelerating the hiring of new associates, particularly in technology, regulatory compliance, cybersecurity and relationship banking, along with more rapid adoption of technology to improve the customer experience and bring additional products and services to our customers; absent the new tax law, these business-building actions would normally have occurred over a much longer time frame;
- Review our corporate policy and practices relating to common stock dividends to determine the appropriate level of payout in light of the improved earnings outlook over the near and intermediate term.
- Pay a one-time $1,000 bonus to all non-executive employees thereby enabling them to also share immediately in the benefits of the tax cut.
- Institute a Corporate Matching Gift program as a way to encourage Dime’s employees to give back to their communities and leverage their commitment through a matching gift.
- In 2017, Dime made over $450,000 available to local charities and disaster recovery organizations. Beginning in 2018, our goal is to double the amount of our philanthropic and community giving.
DISCOVER – RIVERWOODS, ILL.:
Discover announced plans to raise its minimum hourly pay rate to $15.25 for virtually all of its full-time U.S. employees as a result of the recent corporate tax reductions after granting a $1,000 bonus to more than 15,000 non-executive employees earlier this month.
The new minimum rate will take effect later this year and ultimately will impact more than 7,000 employees.
DISNEY – BURBANK, CALIF.:
Walt Disney Co. said it will give employees a one-time cash bonus of $1,000, joining a growing list of companies handing out awards in the wake of federal tax reform.
About 125,000 U.S. employees will be eligible, the company said Tuesday in a statement, putting the cost at $125 million. Disney also plans to put $50 million into a fund to help hourly employees with tuition costs and plans to provide as much as $25 million annually for that purpose afterward.
DOHRN TRANSFER – ROCK ISLAND, IOWA:
Dohrn Transfer, with corporate headquarters for trucking and a company warehouse in Rock Island, has mailed out $1,000 bonuses to all of its approximately 1,200 employees in six Midwest states.
“It was from the tax plan,” Heather Dohrn, vice president of a sales and marketing, said, referring to the tax cut signed into law Dec. 22 by President Donald Trump.
DOMINION ENERGY – RICHMOND, VA.:
As a result of federal tax cuts, Dominion Energy is passing on $17 million in savings to its consumers.
The Utah Division of Public Utilities announced that the energy company filed January 31, 2018, for the multi-millions in adjustments that enables customers to get a break on their gas bills.
DON RAMON RESTAURANT – WEST PALM BEACH, FLA.:
Because of the recently passed Tax Cuts and Jobs Act, we will pay lower taxes and qualify for higher deductions, leaving Don Ramon in a better position than ever before. We plan to open a takeout window and set up a customer bar, which would generate up to eight new jobs. We will also install new refrigerators and coffee machines, in addition to making much-needed renovations to better serve our customers.
Perhaps most important, all of our key employees received generous bonuses in December, and they will also see pay increases in the coming weeks. We take great pride in rewarding our workers, and the new tax code makes it much easier to do so.
DTI PARTNERS – MOBILE, ALA.:
- $1,000 bonus to full-time employees; $300 bonus to part-time employees
DTN – BURNSVILLE, MINN.:
DTN, an independent provider of information and actionable insights in the areas of agriculture, transportation and energy, and publisher of The Progressive Farmer, gave $1,000 bonuses to nearly 700 employees.
DTE ENERGY – DETROIT, MICH.:
The recent passage of the Federal Tax Cuts and Jobs Act will offer benefits to energy customers across the country – including DTE’s utility customers here in Michigan. The reduction of the corporate tax rate will result in lower bills for DTE’s 2.2 million electric and 1.3 million gas customers.
DUKE ENERGY – CHARLOTTE, N.C.:
Duke Energy Florida today announced that customers will directly benefit from the new federal tax law and avoid a rate increase for power restoration costs associated with the company’s response to last September’s Hurricane Irma.
Instead of increasing customer rates, the company plans to apply federal tax reform savings toward those storm costs.
DYER CAPITAL – MARION, MASS.:
Base wage raised 3.5% to $22 per hour; hourly employees also received a special one-time bonus.
DYNAMIC FASTENERS – RAYTOWN, MO.:
Owner Kevin Perz says he believes the tax cuts will be so good for the economy that he wanted to make sure he rewarded his employees for their loyalty.
“We are giving a maximum of $1,000 per full time employee,” Perz said. “It’s $200 for each year or partial year that you’ve been here. If you’ve been here four years and a day you get the thousand dollars. Part time employees get half of that.”
E-CYCLE – HILLIARD, OHIO:
- $1,000 bonuses
EAGLE TELEPHONE SYSTEM, INC. – HELLS CANYON SNAKE RIVER CORRIDOR, ORE.:
Though our Companies are small in comparison to Boeing and AT&T and others on this list, our hearts are none the less just as big or bigger, said Mike Lattin, President and CEO of Eagle Telephone System, and Eagle Valley Communications, dba Comco Construction.
Mike announced that both Eagle and Comco employees will be receiving $1000.00 bonuses by the holidays, this is due in large part to the recent tax reform bill having been passed and also the fact that President Trump has worked very hard to lessen the regulatory burdens that had been put on our industry by the previous administration. Combined these companies employ 19 people in a very rural part of Eastern Oregon; Richland. Our services include providing telephone and broadband, cellular and wireless, as well as construction services of all types. Our services are critical to the Rural market we serve. A sample of our market is Hydro Production along the Hells Canyon stretch of Snake River, Ranchers, Cattle Producers and Farmers, providing everything from beef, lamb, soy, alfalfa, hay, dairy products and more, Forest Production Practices and in large part Recreation in all four seasons.
Mike stated that he believes that this administration is looking out for us, for Rural America and that is what we need to keep our industry competitive world wide. He finished by stating that this administration and the tax reform bill just passed have been a god send to Rural Eastern Oregon. – Statement by Rustin Lattin, for Mike Lattin, President and CEO.
EBERLE COMMUNICATIONS GROUP – MCLEAN, VA.:
- Increased 401(k) match from 25% to 50% for all 45 employees.
ECOLAB – ST. PAUL, MINN.:
Ecolab Comments on Expected Impact of U.S. Tax Cuts and Jobs Act, Announces Intent to Contribute $25 Million to Ecolab Foundation, and Forecasts Double-Digit 4Q 2017 and Full Year 2018 Adjusted EPS Growth
2018 Adjusted EPS Expected to Rise 12% to 16% to the $5.25-$5.45 Range
EL PASO ELECTRIC COMPANY – EL PASO, TEXAS:
On December 14, 2017, the unopposed settlement approved by the Public Utility Commission of Texas (PUCT) included a provision to refund EPE’s Texas customers for the reduction in the federal income tax rate.
EPE is currently calculating the changes and impacts of the new tax law to determine the amount of the refund to be filed in mid-April. EPE expects Texas customers will begin to see the refund as a credit on their bills by mid-year 2018 following PUCT approval of its refund filing.
EMKAY – ITASCA, ILL.:
EMKAY, Inc. has announced that all full-time employees will receive a $1,000 bonus in response to the tax reform that was just signed by President Trump. EMKAY, a privately-owned fleet management company, wasted no time in taking action to pass the benefits of this reform on to their team.
EMPIRE NATIONAL BANK – ISLANDIA, N.Y.:
Empire National Bank is increasing salaries by 5 percent, upping its 401(k) match program and giving all nonexecutive employees one-time $1,000 bonuses as a result of the benefits derived from the recent federal tax overhaul.
“Two of the three benefit increases will be recurring in one way or another,” said Douglas C. Manditch, the bank’s chairman and chief executive. “We want to reward our employees, and we are very proud of their efforts in helping us achieve growth.”
EMPIRE STATE BANK – NEWBURGH, N.Y.:
Empire State Bank has provided a one-time bonus of $500.00 to its full time and $250.00 to its part time employees. Executive management was excluded.
“We are happy to share the benefit with our employees who continue to provide outstanding service to our customers, as well as our shareholders who will see this benefit fuel the continued growth and bottom line results,” said Philip Guarnieri, CEO. “We will be adding at least 10 new jobs and expanding our footprint in the Staten Island and Brooklyn communities,” said Thomas Sperzel, President and COO.
EMPLOYERS MUTUAL COMMUNICATIONS GROUP – DES MOINES, IOWA:
- $1,000 bonuses for employees with the exception of Vice Presidents and above.
ENNIS INC. – MIDLOTHIAN, TEXAS:
Ennis, Inc., a manufacturer of business forms and other business products headquartered in Midlothian, Texas, announced today that in conjunction with the signing of the Tax Cuts and Jobs Act of 2017, the Ennis Board of Directors has approved a special one-time bonus to more than 2,200 non-management employees in the amount of $500.00 each. This payment will take place with the first payroll period in January 2018.
In addition, in response to this landmark act the Board of Directors has declared a special one-time cash dividend of $0.10 a share of our common stock. The dividend will be paid on February 9, 2018 to shareholders of record on January 12, 2018.
ENVIRONMENTAL CONSTRUCTION – WAYLAND, N.Y.:
Environmental Construction Group, Inc. a small company from Albion, NY gave every one of their 50+ employees a $500.00 bonus. Employees were notified of this bonus the Friday before Christmas and bonuses where paid the Friday before New Years. ECG appreciates the work this administration has done to promote such a positive outlook on this nation, and will try just as hard to continue to help our employees. Robert Gibbs, Environmental Construction Group, Inc.
EVANS BANK – HAMBURG, N.Y.:
- Evans will provide all of its non-senior level associates a $1,000 bonus in recognition of their superior efforts on behalf of the Company and as part of an ongoing focus on providing excellent career opportunities and top-tier employment.
- The Company recently made a $300,000 contribution to its Foundation, the largest such contribution in its history. Disbursements from the Foundation are invested in not-for-profit entities to enhance the quality of life within Western New York.
- Benefits provided by tax reform will also allow the Company to increase its returns to shareholders and provide additional investment in our community. Evans is currently researching initiatives that will be impactful and make a difference in the fabric of the community that is responsible for our success.
EVERSOURCE ENERGY – BOSTON, MASS.:
The newly passed federal tax law reduces the amount of taxes Eversource will be paying by millions of dollars and today the energy company has informed the Department of Public Utilities of its decision to voluntarily pass those savings along to customers.
“We believe it’s important that our customers reap the benefit of a lower tax rate,” said Eversource Massachusetts Electric Operations President Craig Hallstrom. “As a regulated power company our rates are based on our costs, including federal taxes, so if taxes are reduced ultimately costs are reduced and that benefits our customers.”
EXPANDED TECHNOLOGIES – MARIETTA, GA.:
- Minimum bonuses of $500 for each employee, additional cash depending on length of service
EXPRESS EMPLOYMENT PRC – OKLAHOMA CITY, OKLA.:
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.
Funk said the bonus is in part because of the company’s expected savings from the tax reform legislation Congress passed last week.
FIDELITY – DUNMORE, PA.:
According to Fidelity Bank, $1,000 was paid to all of the bank’s full-time employees who earn less than $100,000 in annual compensation.
Fidelity Bank has 185 full-time and part-time employees.
The bank’s 11 part-time employees received a cash payment of $500.
The law Congress recently passed — reducing the corporate tax rate from 35 percent to 21 percent — made the investments in its employees possible.
EXXON MOBIL – IRVING, TEXAS:
At ExxonMobil, we plan to invest more than $50 billion over the next five years to expand our business in the United States. These investments are underpinned by the unique strengths of our company and enhanced by the historic tax reform recently signed into law.
In fact, as you have probably seen, several companies have announced plans to invest here at home, partly as a result of tax reform, which among other things reduced one of the highest corporate tax rates in the developed world.
These positive developments will mean more jobs and economic expansion across the United States in a myriad of industries.
FAMILY EXPRESS – VALPARAISO, IND.:
Family Express, which has 70 convenience stores across Indiana and is in the process of building 10 more, is bumping its starting wage to $11 an hour.
The 43-year-old convenience store chain is raising entry-level pay by $1 an hour, after pre-empting national retailers like Walmart with above-market starting wages in April 2015. Family Express said it was boosting pay because of the tax cuts that reduced the corporate tax rate from 35 percent to 21 percent and as a bid to recruit quality employees and reduce turnover.
FEDEX – MEMPHIS, TENN.:
- Over $200 million in increased compensation, about two-thirds of which will go to hourly team members by advancing 2018 annual pay increases by six months to April 1st from the normal October date. The remainder will fund increases in performance-based incentive plans for salaried personnel.
- A voluntary contribution of $1.5 billion to the FedEx pension plan to ensure it remains one of the best funded retirement programs in the country.
- Investing $1.5 billion to significantly expand the FedEx Express Indianapolis hub over the next seven years. The Memphis SuperHub will also be modernized and enlarged in a major program the details of which will be announced later this spring.
FIAT CHRYSLER – LONDON, U.K.:
Fiat Chrysler Automobiles will invest more than $1 billion to modernize the company’s Warren Truck Plant in metro Detroit, adding 2,500 jobs and moving production of its Ram Heavy Duty trucks from Mexico.
The changeover is to be complete in 2020.
The company said that the new federal tax law made the shift possible. That legislation, signed into law in December, cut the corporate tax rate from 35% to 21%.
FCA also announced $2,000 bonuses that will be paid in the second quarter of this year to 60,000 hourly and salaried employees in the U.S., excluding senior leadership. Those bonuses are to be in addition to any profit sharing or performance bonuses the employees would receive this year.
FIFTH THIRD BANK – CINCINNATI, OHIO:
- Will pay more than 13,500 employees a bonus of $1,000 by the end of this year.
- Will raise their company minimum wage to $15 an hour, which will amount to a raise for nearly 3,000 workers.
FINANCIAL INSTITUTIONS – WARSAW, N.Y.:
“Recent tax reform will reduce our federal income tax rate in 2018 and provide opportunities to strengthen relationships with our most valued partners our employees, our customers and the communities in which we operate. The first action taken was a one-time award of $500 to employees not covered by certain incentive programs. Approximately 70% of our employees will receive this award, and they will also be eligible to participate in a new profit-sharing program to be based on the Company’s 2018 performance.”
FIREBIRD BRONZE – DAMASCUS, ORE.:
FireBird Bronze (Damascus, Oregon) – thanks to tax reform this full-service foundry with nine employees is able to offer health insurance for the first time. They are also upgrading equipment and hiring, and building a new facility in Troutdale, Oregon with plans to be up and running by the Spring.
We are a small manufacturing business casting artwork for artists in bronze, we have 9 employees and because of the tax cuts and the current business friendly climate we are for the first time offering employees health care insurance costing our company 40k per year.
FIRST BANK & TRUST – ABINGDON, VA.:
- First Bank and Trust Company in Abingdon, Va., said it would give back 30 percent of its tax savings to employees by raising its minimum wage to $15 per hour.
FIRST FARMERS BANK – CONVERSE, IND.:
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.
FIRST FEDERAL COMMUNITY BANK – DOVER, OHIO:
- $1,000 bonus to full-time employees and a $500 bonus to part-timers and increased charitable donations
FIRST FINANCIAL – CINCINNATI, OHIO:
First Financial Bancorp will raise the starting wage for all new and existing hourly associates to $15 an hour effective immediately. Additionally, the bank has made a $3 million contribution to its newly established charitable foundation. This announcement comes as a result of the recently passed tax legislation, which includes a reduction in corporate tax rates.
FIRST FINANCIAL NORTHWEST – RENTON, WASH.:
First Financial Northwest, headquartered in Renton, Wash., said it would pay a $1,000 bonus to all of its non-executive employees.
FIRST HAWAIIAN BANK – HONOLULU, HAWAII:
The state’s largest bank, said it will give out $1,500 cash bonuses to 2,264 employees, or all but 11 members of its senior management team. The state’s largest bank also will increase its minimum wage to $15 an hour from $12.75 an hour for 613 employees.
FIRST HORIZON NATIONAL CORP – MEMPHIS, TENN.:
First Horizon will distribute $1,000 bonuses to eligible employees in January. The one-time payouts will be offered to employees who do not participate in company-sponsored bonus plans.
“Our merger with Capital Bank – the largest in our company’s history – thus far it has been a seamless transition thanks to our employees. And as a result of this outstanding performance and because of recent tax reform efforts that we believe will benefit First Horizon, we are happy to offer bonuses to our people who work hard every day to maintain First Horizon’s reputation as one of the best companies to work for and one of the most trusted banks in the country.”
FIRST MERCHANTS – MUNCIE, IND.:
First Merchants Corporation announced that it will raise the wage paid to hourly employees by $1 per hour as a result of the Tax Cuts and Jobs Act of 2017 signed by President Trump in Dec. 2017.
Additionally, as a reward for the company’s strong 2017 performance, all associates, excluding senior management, will receive a $500 one-time cash bonus. Part-time associates will receive a pro-rated share.
FIRST MIDWEST BANK – ITASCA, ILL.:
- First Midwest Bancorp, based in Itasca, Ill., announced a new $15 minimum wage, a $1,035 bonus for nearly 85 percent of its workforce, and a $2 million gift to its charitable foundation.
FIRST NATIONAL BANK – SPEARMAN, TEXAS:
- $1,000 bonuses for its 44 employees.
FIRST NORTHERN COMMUNITY BANK – DIXON, CALIF.:
- Base pay raised by $2 per hour
- $1,000 bonuses for all non-executive employees
- increased charitable donations.
1ST SUMMIT BANK – JOHNSTOWN, PA.:
- First Bank and Trust Company in Abingdon, Va., said it would give back 30 percent of its tax savings to employees by raising its minimum wage to $15 per hour.
FIRST SOUTHWEST BANK – ALAMOSA, COLO.:
As part of this commitment, starting team members at First Southwest Bank are immediately benefitting from the recent tax law changes, as the bank raises its starting wage to $14 an hour plus full benefits.
FIRSTBANK – LONGMONT, COLO.:
$1,000 bonuses for full-time employees; $500 bonuses for part-time employees; base wage raised; salary increases.
FIRSTCAPITAL BANK OF TEXAS – MIDLAND, TEXAS:
FirstCapital Bank of Texas, a $1 billion institution headquartered in Midland, Texas, will pay a $500 bonus to 197 bank employees before the end of the year.
5 SENSES SPA – PEORIA, ILL.:
- $500 bonuses for 20 employees
- The company is also looking into additional employee benefits in 2018.
FIVE STAR BANK – BUFFALO, N.Y.:
Employees of Five Star Bank’s parent company are the latest bank workers to cash in on the federal tax overhaul. Financial Institutions will award one-time $500 bonuses to about 70 percent of its employees, citing the financial benefit generated by the new tax plan.
FLEMINGTON CAR AND TRUCK COUNTRY – FLEMINGTON, N.J.:
The new tax reform law is giving some benefits to New Jerseyans. The Flemington Car and Truck Country Family of Brands, a new and used car dealership in Flemington, is awarding each of its full-time employees a $500 bonus because of the recently passed federal Tax Cuts and Jobs Act.
As a result of the corporate tax rate cut under the new law to 21 percent from 35 percent, the company will also look to upgrade its facility and hire additional workers. The dealership is 41 years old and has 17 brands in eight different locations.
THE FLOOD INSURANCE AGENCY – GAINESVILLE, FLA.:
- $1000 bonus for all our full-time employees
FLUSHING FINANCIAL CORPORATION – UNIONDALE, N.Y.:
- $1,000 bonuses for full-time employees
- $500 bonuses for part-time employees.
FMS BANK – FT. MORGAN, COLO:
- Increased 401(k) contributions.
F.N.B. CORPORATION – PITTSBURGH, PA.:
As an investment in its workforce, FNB plans to raise the minimum hourly wage for its employees to $15 by the end of 2019, accelerating an ongoing initiative to elevate hourly wages. Paying competitive wages will continue to be a focus for the Company in attracting and retaining the highest caliber employees to serve customers, which translates into strong financial performance and benefit to its shareholders. FNB will also provide a discretionary, one-time 401(k) contribution, totaling $1 million, to the vast majority of employees based upon analysis of compensation levels and eligibility.
FTCH – GRAND RAPIDS, MICH:
Grand Rapids-based Fishbeck, Thompson, Carr & Huber, or FTCH, said yesterday it issued $1,500 bonuses to all 400 of its full- and part-time employees, effective Dec. 29.
Jim Susan, president of FTCH, said the company decided to give out the bonuses as a result of the firm’s tax savings following passage of the federal tax bill on Dec. 22.
“We just decided it was a little windfall for the firm in general, and we decided we would share that with all our staff members,” he said. “Everyone got the same amount, regardless of position.
FULTON FINANCIAL – LANCASTER, PA.:
Fulton Financial Corporation announced that during 2018, it will invest an additional $2 million in the communities it serves as part of its Fulton ForwardTM initiative; and the company will raise the minimum wage paid to employees in addition to providing an additional week of pay at year-end to employees who do not participate in an incentive plan.
GATE CITY BANK – FARGO, N.D.:
Gate City Bank in Fargo, N.D., will pay a one-time, $1,000 bonus to all non-management employees on Jan. 15; contribute $500,000 toward offering new and existing customers free appraisals on home remodels, purchase or refinances; and donate an additional $500,000 to support charitable causes.
GNARLY BARLEY – HAMMOND, LA.:
GREAT SOUTHERN BANK – SPRINGFIELD, MO.
Great Southern Bancorp, Inc., says it will pay $1,000 in cash to all full-time employees and $500 to part-time workers who were employed by the bank on Dec. 31.
In a news release, Great Southern specifically cited the federal tax reform legislation that Congress passed and President Donald Trump signed into law in December.
GREAT WESTERN BANK – SIOUX FALLS, S.D.:
- Raising the minimum wage to $15;
- A special one-time $500 bonus or wage increase for nearly 70% of its workforce;
- Enhancements to employees’ health care offerings effective for the 2018 enrollment period; and
- The doubling of its annual contribution to its Making Life Great Grants community reinvestment program.
GREEN MOUNTAIN POWER – COLCHESTER, VT.:
“After the federal tax plan passed, GMP pledged to return 100% of the tax benefit to customers, and today’s letter sets in motion our plan to reduce rates to provide those savings to our customers immediately,” said President and CEO Mary Powell. “Keeping energy costs low and stable is a key focus at GMP and this decrease will help offset increased cost pressures in other areas outside of our control such as regional transmission costs.”
GREEN RECOVERY TECHNOLOGIES – NEW CASTLE, DEL.:
“We are a startup waste-to-value biochemical company of seven that believes in the direction the country is going and that our best days are ahead of us. These tax reductions benefit our workers by providing an instant no cost wage hike. Paying the bonuses in a low tax environment was an easy decision for GRT since we know that this low cost capital is being invested in the local community where it will be spent on goods and services as well as being by employees into their retirement savings accounts.” — Kenneth Laubsch, President and CEO, Green Recovery Technologies, LLC
GRIFFITH TRUCKING – EFFINGHAM, ILL.:
“I’m excited for my employees,” said Griffith, who anticipates he’ll save about $100,000 under the new tax law. “This gives them hope that they are not just working at some humdrum job paying them the same until they die.”
Griffith owns Griffith Trucking, inside of which is the moving company, Broadway Express. He also owns Heartland Peterbilt and Heartland Classics in Effingham and Newton.
GROUP 1 AUTOMOTIVE – HOUSTON, TEXAS:
Group 1 Automotive, Inc., an international, Fortune 500 automotive retailer, announced a $500 cash bonus for non-management dealership employees and operational support staff in the U.S. The Company owns and operates 115 dealerships nationwide.
GULF COAST BANK – NEW ORLEANS, LA.:
Gulf Coast Bank & Trust Company CEO & President Guy T. Williams announced a 50% increase in funds to be given away in its Community Rewards Program – an annual online contest hosted by Gulf Coast Bank that awards funds to the top 10 nonprofit organizations voted on by the community.
Gulf Coast Bank has also raised its minimum wage to $12.00 dollars per hour effective Monday, January 8, 2018. This increase gives the bank one of the highest starting salaries for unskilled workers in the state.
THE HAMMOCK SOURCE – GREENVILLE, N.C.:
The Hammock Source says employees will be immediately receiving a bonus up to $1,000 determined by the employee’s length of service with the company.
The company says they are a direct result of the Republican tax reform bill.
HAPPY STATE BANK – HAPPY, TEXAS:
- Happy State Bank has a new starting minimum wage of $13.50 per hour…increasing to $14.00 after a 90-day probationary period.
- Present employees currently earning less than $14.00 per hour will be increased to this amount immediately.
- Employees currently earning between $14.00 and $17.50 hourly will receive an approximate $0.50 hourly wage increase.
- Salaried employees making less than $18 hourly will receive a $1,000 annual increase.
- Full-time employees making up to $100,000 (and not in the above categories) will receive a one-time $1,000 bonus or $500 bonus if part-time.
- The KSOP Retirement Plan dollar-for-dollar company match will increase from 6% to 7%, which benefits every employee that participates to that level.
HARBORONE BANK – BROCKTON, MASS.:
HarborOne Bank said on Wednesday that it’s accelerating its plans to implement a $15-per-hour minimum wage and will give a one-time $500 bonus to more than 600 bank employees as a result of federal tax reform legislation.
HARFORD ALARM COMPANY – BEL AIR, MD.:
- $1,000 bonuses for all 13 employees.
HARRIS CORPORTATION – MELBOURNE, FLA.:
- Expecting to contribute additional $300 million to employee pension fund
- Adding $20 million investment in innovation
- Granting non-executive employees approximately $24 million in stock awards
THE HARTFORD – HARTFORD, CONN.:
The Hartford Financial Services Group Inc. announced bonuses tied to a federal overhaul reducing the corporate tax rate.
Chief Executive Officer Christopher Swift told reporters the investment and insurance company will distribute bonuses of $1,000 each to employees who are paid less than $75,000 a year. It’s an acknowledgment of their contributions, the CEO said.
About 9,500 employees will benefit, Swift said after speaking at a meeting of the Connecticut Business and Industry Association.
HARVARD BUSINESS SERVICES – LEWES, DEL.:
Harvard Business Services, Inc., located in Lewes, Delaware, has just announced it will join many companies nationwide and award all full-time employees with an immediate $1,000 bonus in their next pay check in order to augment their tax savings.
Mike Bell, Vice President and Director of Marketing, announced the bonus, saying, “We appreciate the great job you do, and the dedication you show our clients every day. Keep up the good work.”
HAWAII NATIONAL BANK – HONOLULU, HAWAII:
- A $1,000 bonus to all employees
- Increased minimum wage to $15 per hour
HAWAIIAN ELECTRIC – HONOLULU, HAWAII:
The 460,000 customers of the Hawaiian Electric Companies could see lower electric bills as a result of the federal corporate income tax cut.
Changes to federal tax law will lower corporate rates from 35 percent to 21 percent starting this year. That is expected to result in a lower tax bill for Hawaiian Electric, Maui Electric and Hawaii Electric Light.
HAWTHORN BANK – JEFFERSON CITY, MO.:
Jefferson City-based Hawthorn Bank announced Thursday it will give employees bonuses of up to $1,000 because of the recent tax cut passed by Congress.
Full-time employees will receive bonuses of $1,000, and part-time employees $500. Hawthorn became the second local bank to give bonuses after Congress passed a sweeping tax cut for businesses and individuals in December.
Hawthorn Bank’s board of directors approved the bonuses at its January board meeting, said Gregg Bexten, president of Hawthorn Bank’s central region.
HEARTLAND BANK – GENEVA, NEB.:
- $1,000 bonus to full-time, non-executive employees
- $500 bonus to part-time employees
HOME BANK – CONWAY, ARK.:
Home Ban announced plans to distribute a one-time bonus of $500 for more than 850 full-time tenured employees.
“The tax reform has created the opportunity for us to reward our employees who are working hard each day to both serve our customers and enrich relationships in our communities,” added Mr. Allison. “We look forward to identifying additional opportunities for Home BancShares to invest in our people and communities as we continue to execute our business strategies and deliver long-term value to our shareholders.”
HOME DEPOT – ATLANTA, GA.:
- Home Depot joins a growing list of corporations using new tax benefits to invest in their workers.
- Certain additional expenses and the bonus payments will negatively impact Home Depot’s fiscal 2017 earnings.
- Home Depot is still evaluating how new tax legislation will impact the business in fiscal 2018, but said it should be “beneficial.”
HOMESTREET BANK – SEATTLE, WASH.:
HomeStreet Bank announced that it has raised its company minimum wage to $15 per hour across all 111 retail branches and lending centers in seven states. The increase took effect January 1, 2018. The announcement comes on the heels of the recently signed federal tax reform bill that cut the corporate tax rate from 35 percent to 21 percent.
HomeStreet made the decision to increase its minimum wage in order to share the tax reform benefits with its employees. The change is particularly welcome as the cost of living continues to increase across the country.
HONEYWELL – MORRIS PLAINS, N.J.:
Our strong performance in 2017, together with the enactment of new U.S. tax legislation, has enabled us to increase our 401(k) match in the U.S. This is a sustained, annual benefit that will provide a more secure retirement for our employees. We believe that enhancing this benefit is extremely valuable and important to our employees over the long term.
HOSTESS – KANSAS CITY, MO.:
The company, which makes Twinkies, Ding Dongs and Ho Hos, is providing its employees one-time payments of $1,250 — with $750 in cash and $500 in the form of a 401(k) contribution. In taking the step, Hostess cited last month’s tax legislation, which slashed the rate for U.S. corporations.
It’s also offering a year’s worth of free food to workers — though they won’t be able to eat all the Ding Dongs they like. A representative from each of Hostess’s bakeries will choose a product each week, and the employees will be able to take home a multipack of that item. The company also makes Hostess CupCakes, Fruit Pies and Donettes.
HUMANA – LOUISVILLE, KY.:
The Louisville-based company announced that because of the lower corporate income tax rate, it’s investing in its employees. It’s raising the minimum hourly rate for full- and part-time associates to $15 an hour. The company is also accelerating a previously announced incentive program for employees.
IAT INSURANCE GROUP – RALEIGH, N.C.:
IAT Insurance Group 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.
IBERIA BANK – LAFAYETTE, LA.:
- Pay raise of $2/hour* will be given to non-exempt, non-commissioned associates, who currently earn $15 per hour or less, ranging from an average of 12% to as much as a 23% increase, in base compensation.
- $1,000 cash bonus* will be paid to all part-time and full-time associates who currently earn between $15/hour and $100,000 annually in base pay.
IDEXX LABRATORIES – WESTBROOK, MAINE:
Maine’s largest publicly traded company announced plans to share the benefits of federal tax reform with employees by paying more into their retirement plans.
For every dollar a 401(k) participant contributes, the Westbrook-based company will match that amount dollar-for-dollar up to 5% of an employee’s salary.
INLAND NORTHWEST BANK – SPOKANE, WASH.:
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.
INFORMATION FIRST – MANASSAS, VA.:
$500 cash bonus for all 15 employees.
INSPERITY – HOUSTON, TEXAS:
Tax reform bonuses will be paid to employees in February, totaling $17 million.
INTERNATIONAL OFFSET CORPORATION – LOS ANGELES, CALIF.:
- $1,000 bonuses to all employees and 1099 subcontracting partners.
IOWA-AMERICAN WATER CO. – DAVENPORT, IOWA:
Iowa-American Water Co., which provides service in eastern Iowa, would provide $1.5 million and $1.8 million to customers.
IRON HORSE ENERGY SERVICES – EOLIA, MO.
- Iron Horse Energy Services Inc. is providing new bonuses. In a news report, one employee said, “Thank you Mr Trump for being a businessman.”
ISG – STAMFORD, CONN.:
Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, said today it will earmark funds for additional investment in global digital initiatives over the next two years to accelerate growth, and make an additional contribution of $500 to every U.S. employee’s 401(k) retirement account on U.S. Tax Day, April 17, 2018. The moves are in response to the recent passage of the federal Tax Cut and Jobs Act.
ISI FINANCIAL GROUP – LANCASTER, PA.:
At year ahead staff planning meeting in January I proudly announced to all of our staff that because of the new tax law, that ISI is happy to share the tax savings and will providing to all staff members a $2000 bonus. When announced, the staff were all taken back, very surprised and EXTREMELY grateful.
JETBLUE – NEW YORK, N.Y.:
JetBlue Airways Corp. said that it plans to give a $1,000 bonus to its 21,000 employees except the chief executive, and its executive vice presidents.
JIM RINEHART INSURANCE – SEASIDE, CALIF.:
I am a self-employed Insurance Agent for State Farm Insurance with 3 full time employees in my office in Seaside, CA. Because of President’s tax reform I gave all of my staff a pay raise starting Jan 1 2018.
JOHNSON BANK – RACINE, WIS.:
Johnson Bank, the second-largest bank based in the state, committed to a minimum $15 hourly pay rate for employees.
JONES AUTO & TOWING – RIVERVIEW, FLA.:
“The tax cuts are putting two more tow trucks on the road for my business. This will add two more full time job openings that will help two more families. And it will put a little more money in the bank for my family,” said Guy Jones, owner of Jones Auto & Towing.
JORDAN WINERY – HEALDSBURG, CALIF.:
In response to the tax cut bill that passed this week, John Jordan, owner of Jordan Winery in Sonoma County, California, announces that he will give all eligible winery employees a $1,000 bonus as a result of the passage of the 2017 tax reform bill.
JOSEPH’S LITE COOKIES – SEBASTIAN, FLA.:
Because of the tax bill, I’m purchasing new computer systems and creating new product packaging for international expansion. More importantly, I’m giving raises to four key employees — half of our workforce — which range from just over $3,000 to nearly $4,200. My top employees have earned greater financial security, and the Republican tax package made it a reality for them.
JP MORGAN – NEW YORK, N.Y.:
Pay increases averaging 10% for 22,000 employees ranging from $15 -$18
Hire 4,000 new employees
Increase small business lending by $4 billion
Increase loans to customers seeking affordable homes by 25 percent to $50 billion.
Open up to 400 new branches in new cities
$750 bonus to eligible employees
KALB INDUSTRIES – LAS VEGAS, NEV.:
We received a tax cut from the bill that Congress passed last night and as part of our family, we would like to pass along some of that savings to you all. On your next payroll check, all employees that have been here more than three months will receive a raise on their next check. Again thank you all for all the hard work, and dedication this year.
KANSAS CITY POWER – KANSAS CITY, MO.:
KCP&L announced its intention to file rate update cases with the Kansas Corporation Commission (KCC) and the Missouri Public Service Commission (MPSC) to pass approximately $100 million in annual tax savings to customers, resulting from federal tax cost reductions. The Tax Cuts and Jobs Act, which decreased the corporate tax rate from 35 percent to 21 percent, was signed into law on Dec. 22, 2017 and became effective on Jan. 1, 2018. KCP&L is committed to passing 100 percent of the benefit from this tax cut on to customers.
KANSAS CITY SOUTHERN – KANSAS CITY, MO.:
Kansas City Southern (KCS) announced that in response to congressional passage of The Tax Cuts and Jobs Act of 2017, it will immediately share some of the benefits with qualified, non-executive employees of its subsidiaries in the U.S. and Mexico in the form of a one-time $1,000 bonus payable by the end of 2017.
KEG CREEK BREWING – GLENWOOD, IOWA:
Keg Creek is one of the roughly 80 local breweries cashing in on a tax break stemming from President Trump’s recently passed plan, one that supporters say will allow craft breweries to grow.
It’s a small, albeit mighty, victory, brewing experts say: It rewards the neighborhood brewery by making it just a little bit easier to keep crafting the beer — brown and red ales, in Keg Creek’s case — that Iowans have grown to love.
KEVIN-CHARLES FURNITURE – NEW ALBANY, MISS.:
The tax credits available for investment in equipment will make it possible for the company to purchase additional machinery. “We’re really excited about the tax bill and what it is going to do for our operation,” Rusty said. “I applaud the efforts of Congress to build back a business climate that makes it easier to invest in our people and facilities.”
Additionally, the tax savings made it easier for Kevin-Charles Furniture to give employees a five percent pay raise.
KEY BANK – CLEVELAND, OHIO:
KeyBank N.A. will increase its minimum wage to $15 per hour for new and existing employees. The lender will also make contributions to employees’ 401(k) retirement accounts.
KEYCORP – CLEVELAND, OHIO:
Key will be sharing the expected tax benefits with its employees by increasing its minimum wage and making the additional retirement plan contribution referenced above. These actions will benefit over 80% of our workforce and allow us to reward and invest in the financial wellness of our employees
KISH BANK – BELLEVILLE, PA.:
Kish Bancorp will give $500 to part-time employees and $1,000 bonuses to full-time employees as part of a one-time bonus.
The decision stems from the company’s growth and the enactment of the Tax Cuts and Jobs Act of 2017, which will provide relief to community banks.
KRAMERICA PROPERTIES – MERCED, CALIF.:
This small family-owned company gave each of the six employees a $2,000 tax reform bonus.
LAKESTONE BANK – LAPEER, MICH.:
Bruce J. Cady, chairman and CEO of Lakestone Bank & Trust said, “We are very appreciative of all Lakestone Bank & Trust employees and certainly what they have accomplished over the years, particularly the last year; and we want to commemorate the passing of this historic, economy-stimulating tax reform law. This is a once in a lifetime opportunity and we know we want to reinvest much of the savings back into our bank and the first place we are going to put it is into the hands of our employees. Employees are our most important asset.”
All hourly employees received a $1 per hour raise and all salaried employees will receive a $1,000 bonus. The bank’s board of directors overwhelmingly supported this action, resulting in a significant investment into the bank’s employees.
LAND & CO – WYOMING, MICH.:
Land & Co., which operates 19 apartment communities in West Michigan, announced it will give its employees a special bonus of up to $1,000 in response the federal tax cut legislation signed recently by President Donald Trump.
LAWRENCE PAPER COMPANY – HUTCHINSON, KAN.:
Re-investing into its employees is the first step company owners took. This week, they surprised their 300 workers with the news each would receive a $500 bonus.
LEAK SEALERS – LUMBERTON, TEXAS:
Female-owned engineering company Leak Sealers says it’s handing out bonuses to its 100 employees, joining major retailers like Lowe’s and Walmart Inc. that are investing in workers after Congress approved a tax cut that will help businesses.
LG&E AND KU – LOUISVILLE, KY.:
Customers of Louisville Gas and Electric Company and Kentucky Utilities Company will begin to see the financial benefits associated with the Tax Cuts and Jobs Act beginning in March.
The two utilities announced today that they will file a unanimous settlement agreement with the Kentucky Public Service Commission requesting approval to return tax savings to customers this spring.
If approved by the commission, customers would see nearly $180 million in savings in the form of a reduction on the Environmental Surcharge line item on their bill in March, followed by a new line item credit on the bill based on energy consumption starting in April.
LINCOLNWAY BANK – NEW LENOX, ILL.:
LincolnWay Community Bank announced plans to award a one-time $1,500 bonus to most of its employees.
LOK-N-LOGS, INC. – SHERBURNE, N.Y.:
Employees working for a year or more received a double paycheck; those working less than a year also received a bonus.
LOUD & CLEAR COMMUNICATIONS – NEW YORK, N.Y.:
- Employee bonuses
LOWE’S – MOORESVILLE, N.C.:
Lowe’s said it would pay a one-time bonus of $1,000 for more than 260,000 hourly U.S. employees as the home improvement chain takes advantage of changes in the U.S. tax code.
The company said it would also give new benefits, including additional paid maternity and parental leave and an adoption assistance benefit of up to $5,000 to qualified hourly full-time employees.
MAINSOURCE FINANCIAL – GREENSBURG, IND.:
MainSource Financial Group will raise the starting pay and minimum hourly rate to $15 an hour effective immediately for all of its non-exempt, non-commissioned employees. This announcement comes as a result of the recently passed tax legislation, which includes a reduction in corporate tax rates.
Approximately 1,000 associates are employed throughout the MainSource footprint in Ohio, Indiana, Illinois and Kentucky. The pay increase will affect over 200 employees.
M&T BANK– BUFFALO, NY.:
M&T Bank is boosting hourly wages among moves it’s making in a response to the successful passage of tax reform legislation.
Hourly paid employees will see pay starting at $14-16/hour, depending on geography. That will make a total investment of $25M.
In addition, all employees will get 40 hours of paid time a year to take part in volunteer or employee resource group activities. The company notes it paid $50M to its M&T Charitable Foundation in 2017, its largest ever contribution.
MARSH & MCLENNAN –
Marsh & McLennan Cos, the world’s largest insurance brokerage, said it will increase its minimum wage to $16 per hour after the U.S. cut its corporate tax rates. U.S. colleagues earning $55,000 or less will get one-time $1,000 payment.
The wage hike will benefit about 780 employees, while about 5,000 employees will get the one-time bonus, according to a memo sent to employees.
MASS UTILITES – BOSTON, MASS.:
The Massachusetts Department of Public Utilities on Friday ordered electric, gas, and water companies to determine new rates, so consumer bills are adjusted to reflect the corporate tax cuts approved by Congress in December.
“This is a huge victory for ratepayers who deserve the benefit of this major tax break for utilities,” Massachusetts Attorney General Maura Healey said in a statement Friday. “We look forward to seeing these rates adjusted promptly and are glad that the Department correctly recognized its obligation to ensure that customers receive these savings.”
MB FINANCIAL – CHICAGO, ILL.:
MB Financial, Inc., the holding company for MB Financial Bank, N.A. (“MB”), announced today that MB will raise the minimum wage paid to its employees, issue certain one-time bonuses, and donate $7.5 million to the disadvantaged communities in which it operates.
MELALEUCA – IDAHO FALLS, IDAHO.:
Idaho health care and home products company Melaleuca Inc. announced 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.
MERCK – KENILWORTH, N.J.:
- Plans to invest approximately $12 billion over 5 years in capital projects including approximately $8 billion in the United States
- Made a contribution to the Merck Foundation in the fourth quarter of 2017
- Plans to provide a one-time, long-term incentive award for its eligible non-executive employees in the second quarter of 2018”
MERIDIAN BANK –MALVERN, PA.:
- The minimum wage for all employees will increase to $15 per hour
- An additional 20% will be added to the 2017 bonus as part of the Bank’s Incentive Compensation Plan that will be paid to the Bank’s 500+ employees in January 2018
- An increase to the Capital Spending Budget as a result of plans to build six new branch locations in 2018
- An increase in charitable giving by targeting $1 million in donations to community and non-profit organizations in 2018
METAIRIE BANK – METAIRIE, LA.:
Metairie Bank and Trust has approved a cash bonus of $1,000 for all of its 120 employees and will increase its hourly minimum wage to $12 per hour, the Jefferson Parish-based bank announced Friday.
Ron Samford, president and CEO of $390-million-asset Metairie Bank, said the recent enactment of President Trump’s tax reform bill provided “a substantial benefit to the bank, through significantly lower corporate income tax rates.”
METLIFE – NEW YORK, N.Y.:
MetLife Inc. said it is planning to increase its investment in employees using tax savings from the overhaul that was written into law in December. The life insurer said it will establish a minimum wage of $15 an hour and a minimum group life insurance benefit of $75,000, regardless of an employee’s pay. The benefit was previously set at one times annual pay. The company is planning to introduce a $300 minimum monthly credit for the cash-balance formula of its defined benefit pension plan, also regardless of employee pay. It will enhance its 401-k plan by moving to auto-enrollment and extend company-paid group legal services offered through MetLife’s Hyatt Legal Plans.
MID-AM – ROGERSVILLE, MO.:
Mid-AM Metal Forming is giving its 140 employees cash bonuses.
The local company is one of many companies, like Jet Blue and AT&T, giving employees a bonus because of the tax law reform.
“Mid-AM Metal Forming is excited about the positive implications the tax reform package will have both on the manufacturing industry and its employees,” President Steve Johnson said in a news release. “We have very dedicated employees that assist in making us a success. We are excited to surprise all of them with this reward.”
MIDAMERICAN ENERGY – DES MOINES, IOWA
MidAmerican Energy estimated it it would return between $90.8 million and $112.3 million to electric customers.
MILL STEEL COMPANY – GRAND RAPIDS, MICH.:
Mill Steel Company said it will give a one-time $1,000 bonus to all 400 of its full-time employees, “following the tax cut passed by Congress and signed by President Donald Trump.”
MINCEY MARBLE – GAINESVILLE, GA.:
Employees at Mincey Marble will receive bonuses of up to $1,000 depending on their length of service with the company. Even employees hired this year will see a bonus, and the checks are scheduled to arrive during the week of Valentine’s Day as a sign of the company’s appreciation for its associates.
Due in large part to their confidence in the Trump Administration’s pro-business agenda, Mincey Marble’s management team also made the decision in January 2017 to expand the size and operations of a new facility that is currently under construction in Gainesville.
MOUNTAIRE – MILLSBORO, DEL.:
- $1,000 for all active full-time hourly and piece rate Mountaire employees with more than 180 days of employment as of January 27, 2018
- $500 for all active full-time hourly and piece rate Mountaire employees with between 1-179 days of employment as of January 27, 2018
MUSICNOTES – MADISON, WIS.:
Musicnotes Inc., a publisher and retailer of digital sheet music, said that it has given all eligible employees a 3 percent raise in salary tied specifically to the corporate tax reform bill signed by President Donald Trump in December.
The company, which has 55 employees, said the raises were effective Jan. 1 and are in addition to Musicnotes’ existing annual pay increases.
NATIONAL BANK HOLDINGS CORP – GREENWOOD VILLAGE, COLO.:
National Bank Holdings Corporation announced 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 GRID – WALTHAM, MASS.:
When federal tax reform legislation was signed into law in late December, the company began assessing how reductions in corporate tax rates could benefit customers. The company announced today it will update its rate proposal with the DPU for natural gas rates that will go into effect in October 2018: reducing the original $87 million request to an estimated $51 million.
“We are committed to ensuring that the tax savings of the legislation are fully realized and are used to help our customers in their energy bills,” said Cordi O’Hara, president and COO of National Grid in Massachusetts. “We’ll continue to seek opportunities to provide this benefit to all of our customers.”
NATIONAL GRID RHODE ISLAND – PROVIDENCE, R.I.:
National Grid Rhode Island announced that it is reducing its electric and gas base distribution rate proposal with the Rhode Island Public Utilities Commission (RIPUC) by more than $25 million. Last November, National Grid had put forth its first proposal since 2012 asking the RIPUC to adjust its base distribution rates for both gas and electric customers. Since that time, National Grid has been assessing how the newly passed federal tax reform legislation that was signed into law in late December could benefit our customers.
NATIONWIDE: – COLUMBUS, OHIO:
Nationwide Mutual Insurance Co. is joining a number of major financial institutions in giving bonuses to employees following the tax reform passed by Congress right before Christmas.
The Columbus-based insurer announced Wednesday that it’s giving a $1,000 discretionary bonus to employees and managers below the company’s senior ranks, and starting this year will increase its 401(k) match for employees to 50 percent on the first 7 percent of an employee’s contribution, up from 6 percent.
About 29,000 of the company’s 33,000 employees nationwide will get a bonus, while all of its workforce will benefit from the 401(k) match.
NAVIENT – WILMINGTON, DEL.:
Crediting the new corporate tax rate recently approved by Congress, approximately 98 percent of Navient employees across the country received a $1,000 bonus just before the holidays.
Navient has approximately 6,700 employees nationwide, including more than 900 in Hanover Township, company officials say.
NBT BANK – NORWICH, N.Y.:
- Base wage raised to $11 to $15 per hour
- minimum 5% salary increases for employees making less than $50,000
- increased capital expenditures
NELNET – LINCOLN, NEB.:
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.
NEPHRON – WEST COLUMBIA, S.C.:
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.
NEW LIBERTY DISTILLERY – PHILADELPHIA, PA.:
- “Little wins for us are great things,” says Robert Cassell, the owner of New Liberty Distillery in Philadelphia. “And this is a big win.”
NEXTAR MEDIA GROUP – IRVING, TEXAS:
A one-time special bonus will be issued to all employees actively employed by the Company as of March 1, 2018. The amount of the bonus is $500 for full-time employees and $250 for part-time employees. Bonuses will be paid in the first pay period of March and will be subject to applicable taxes.
Employees ranked at the Vice President level or above are not eligible for the bonus.
Effective April 1, 2018, the Company match for 401k contributions will be increased from 25% to 50% of the first 6% of contributions. — Jan. 17, 2018 note to Nexstar employees
NEXTIER BANK – BUTLER, PA.:
NexTier Bank announced an investment in its workforce with a one-time bonus of $1,000 for all employees as a result of the tax reform bill passed by the U.S. Congress and signed by President Trump. This is in addition to annual bonuses paid in late 2017.
NOAH BANK – ELKINS PARK, PA.:
Board of Directors has elected to provide all employees with a one-time $1,500 cash bonus thanks to the passage of new tax legislation.
NORTH SHORE BANK – BROOKFIELD, WIS.:
Brookfield-based North Shore Bank gave $500 bonuses to employees in late December.
NORTHCO PRODUCTS, INC. – ALBANY, N.Y.:
This small business was able to hire one new employee, give all employees bonuses ranging from $100 – $971 after taxes; the company is also investing in a new building.
NORTHEAST VAPOR SUPPLIES – OLD SAYBROOK, CONN.:
Northeast Vapor Supplies decided to “pay it forward” and is happy to announce that all 5 of its employees received a bonus, from $50 to $300 due to the passage of the Tax Reform Act!
NORTHERN INDIANA PUBLIC SERVICE COMPANY – MERRILLVILLE, IND.:
As a result of the newly enacted federal tax reform, NIPSCO submitted a request with the Indiana Utility Regulatory Commission (IURC) to lower its previous request to modify natural gas base rates by $26 million.
The reduction means natural gas residential customers would pay nearly $2 less per month following the Commissions’ decision in the company’s natural gas rate proposal, which is expected in the second half of 2018. The average natural gas residential customer paying $50 per month is projected to see their bill go to $58.10 per month, subject to IURC approval, rather than $59.80 as originally proposed.
NORTHWESTERN ENERGY – SIOUX FALLS, S.D.:
“At this point, we are trying to figure how much the savings might be and develop a plan for what the best option might be for customers,” said spokesman Butch Larcombe.
OCEANFIRST – TOMS RIVER, N.J.:
OceanFirst Bank raises minimum wage to $15 an hour after tax reform.
OHNWARD BUSINESS – MAQUOKETA, IOWA:
As a result of the passage of the tax relief bill this week, Ohnward Bancshares has announced it will pay a $1,000 tax relief, holiday bonus to every company employee. This bonus is separate, and, in addition to, normal bonuses received based on company performance. “There has been a lot of debate about what a tax cut will do for the nation’s economy. This sweeping tax reform will create economic growth in our communities, but only if the expense savings are shared”
OKLAHOMA CORPORATION COMMISSION – OKLAHOMA CITY, OKLA.:
Most Oklahomans can expect to start seeing a lower utility bill in the mail later this year. The Oklahoma Corporation Commission voted Tuesday to transfer about $150 million a year in new corporate tax cuts to the customer.
Power and gas corporations across the state started seeing lower tax rates Jan. 1, so one commissioner wants your bill to be lowered immediately. The other two commissioners disagreed and won the vote.
OLD DOMINION FREIGHT LINE – THOMASVILLE, N.C.:
$500 bonuses for all 22,000 employees
“I am excited to share a bit of good holiday cheer with you today. The President has signed a historic tax reform bill that should reduce OD’s taxes and also generate growth for the U.S. economy. We expect that the anticipated improvement in the economy will create additional opportunities for use to WIN market share and grow our Company more than originally anticipated. As we have said many times before, however, our ability to successfully grow the Company is centered on each member of the OD Family performing at his or her very best to deliver SUPERIOR SERVICE to our customers!
ONCOR – DALLAS, TEXAS:
“Oncor will work with the PUCT to determine the best way to distribute those savings back to customers,” said spokesman Geoff Bailey via email. “In short, we are capturing these tax savings for future refunds to our customers.
Oncor serves about 3.4 million homes and businesses, mostly in North Texas and West Texas. So residents in the coverage area would get a refund but when, and how much, are not certain.
PACIFIC POWER – PORTLAND, ORE.:
The new Republican tax plan has brought a variety of tax cuts. Pacific Power says they are committed to passing the benefit of this tax cut on to customers.
“We strive to provide our customers reliable service while keeping rates low,” said Stefan Bird, President and CEO of Pacific Power. “The benefit of this tax cut should be passed on to our customers – and we will work with our regulators and stakeholders on the best way to do that.”
PATTISON SAND COMPANY – CLAYTON, IOWA:
We gave every employee a $600 cash (in $2 bills) bonus and we raised base pay by $1.50-2.50 an hour. And yes we are growing, adding staff and buying more equipment. We thought you should know. Pattison Sand – A Great Place to Work!
PAYNE TRUCKING – FREDERICKSBURG, VA.:
“We were so pleased with the tax relief that we got that we had to share it,” said Danny Payne, head of Payne Trucking Co. “There were tremendous savings in tax relief.”
Employees at the company’s locations in Massaponax and Dundalk, Md., who’ve worked for Payne at least six months received an extra $250 in their paycheck Jan. 26. Those who’ve worked there for at least a year got $500 and those who’ve been there at least five years got $750. Senior management and part-timers weren’t eligible.
PENSKE AUTOMOTIVE GROUP – BLOOMFIELD HILLS, MICH.:
Penske Automotive Group, an international transportation services company, announced that it has enhanced the company’s U.S. 401(k) savings plan by increasing company matching contributions from 1.5% to 2.5% of eligible contributions, representing an increase of 67%. The increase will provide a recurring, annual benefit to our employees.
“The recently enacted tax reform positively impacts our business, presenting us with even greater opportunities to pursue our strategic initiatives, invest in our employees and improve shareholder value,” said Penske Automotive Group Chairman Roger S. Penske.
PEOPLES BANK – BELLINGHAM, WASH.:
$15 per hour minimum wage and raised its 401(k) match one percentage point to 8 percent.
PEOPLES BANK – MAGNOLIA, ARK.:
- Magnolia, Ark.-based Peoples Bank provided a $500 bonus and contributed $50,000 to its charitable fund.
PEPCO – WASHINGTON, D.C.:
Pepco announced they will file with the Public Service Commission of the District of Columbia in early February, outlining plans to provide annual tax savings to more than 296,000 electric customers in the District of Columbia. If approved, Pepco would plan to begin providing a credit lowering customer bills starting in the first quarter of 2018.
The tax savings are the result of federal tax reductions under the new Tax Cuts and Jobs Act, which was signed into law on Dec. 22, 2017, and became effective on Jan. 1, 2018. The decrease in the Corporate Tax Rate from 35 percent to 21 percent reduces the amount of federal income tax Pepco will have to pay.
PFIZER – NEW YORK, N.Y.:
In wake of the new tax law, the company plans to invest approximately $5 billion in capital projects in the U.S., including building its manufacturing presence. It plans to contribute $500 million to its U.S. pension plan and has allocated about $100 million for a special, one-time bonus for all nonexecutive employees in the first quarter of 2018.
Pfizer also contributed $200 million to the Pfizer Foundation.
PINNACLE – ELKHORN, NEB.:
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.
PIONEER CREDIT RECOVERY – NEW YORK, N.Y.:
Passage of the tax reform bill means that Pioneer Credit Recovery employees will get bonus payments of $1,000 each.
PITNEY BOWES – STAMFORD, CONN.:
Pitney Bowes, a global technology company that provides innovative products and solutions to power commerce, announced that, with the signing of the Tax Cuts and Jobs Act in December 2017, the Company will make an investment commitment of more than $18 million on an annualized basis to raise wages of the majority of its U.S. hourly employees. In addition, Pitney Bowes plans to fund key investment areas within the Company to provide more value to its small and medium business clients.
PNC BANK – PITTSBURGH, PA.:
PNC announced it will provide an additional $1000 cash payment to 47,500 employees and $1,500 to their existing pension accounts.
The cash payment to 47,500 employees was estimated to reach 90% of PNC employees. It is set for all employees below an unspecified compensation band.
PNC Financial Services said they will raise the minimum pay rate to $15-an-hour by the end of 2018.
A $200-million-dollar contribution to the PNC Foundation was also announced. It supports early childhood education through PNC’s Grow Up Great initiative.
PODCASTONE – BEVERLY HILLS, CALIF.:
PodcastOne Founder and Executive Chairman Norman Pattiz announced today that the podcast company will award all full-time employees a $1,000 cash bonus.
PRIORITY COURIER EXPERTS– ST. PAUL, MINN.:
Tax reform bonuses were given on Jan. 2, 2018 to employees; further, employees will receive another $500 bonus in 2018 on the anniversary of their hire date.
QUEST DIAGNOSTICS – SECAUCUS, N.J.:
In 2018 the company expects to realize approximately $180 million in tax savings on an adjusted basis. Of this amount, the company plans to reinvest roughly $75 million before tax back into the business and its employees, resulting in a benefit of approximately $120 million to net earnings. Investment initiatives include:
- Advanced diagnostics innovation through new tests and high-touch concierge services;
- Investments to deliver a consistently excellent consumer experience both online through the MyQuest mobile patient application and patient service centers; and
- A bonus of up to $500 for nearly 40,000 employees to be paid based on the company’s performance in 2018.
RDR, INC. – CENTREVILLE, VA.:
RDR, Inc. A professional services firm headquartered in Centreville, Virginia with a Branch office in Southern Pines, North Carolina and individual employees nationwide is announcing that it will be paying bonuses to each of its 125 employees as a result of anticipated 2018 tax savings from the recently passed Tax Cuts and Jobs act of 2017.
REGIONS FINANCIAL – BIRMINGHAM, ALA.
Regions Financial increases minimum wage to $15 per hour, contributes $40 million to benefit communities, and increases capital investments to serve customers.
RGF ENVIRONMENTAL GROUP – RIVIERA BEACH, FLA.:
“We, as a privately held manufacturing firm in Riviera Beach, Florida, will benefit greatly from the Tax Reform act recently passed. Because of this savings, we have given all our employees a $1,000 Bonus (This is in addition to their 2017 year-end bonuses. – Sharon B. Rinehimer, Executive Vice President/General Counsel, RGF Environmental Group, Inc.
RIO BANK – MCALLEN, TEXAS:
- $1,000 bonuses for each of the 108 employees
ROCKY MOUNTAIN POWER – SALT LAKE CITY, UTAH:
Rocky Mountain Power says it plans to pass some of its federal tax savings on to customers. But, the company isn’t sure how much or when.
“We strive to provide our customers reliable service while keeping rates low,” said Cindy Crane, President and CEO of Rocky Mountain Power. “The benefit of this tax cut should be passed on to our customers — and we will work with our regulators and stakeholders on the best way to do that.”
ROD’S HARVEST FOODS – ST. IGNATIOUS, MONT.:
Rod’s Harvest Foods of St. Ignatius, Montana,” is giving pay raises and bonuses up to $500. Chief Rod Arlint told workers, “We are happy to share with our employees the anticipated tax saving for 2018 realized by the tax reform bill recently passed by the U.S. Congress and signed by President Trump. We are excited about the benefits it will provide for our country’s economy, our store, and our employees. As a result of the tax savings expected in 2018, we will be passing this savings on to our employees. We will be raising wages 3-5 percent and entry wage to $11 an hour (non-student). Also, please accept this bonus as a gesture of appreciation for your hard work and loyalty to Rod’s Harvest Foods. You are our most valuable resource!”
ROYAL HAWAIIAN HERITAGE JEWELRY – HONOLULU, HAWAII:
Royal Hawaiian Heritage Jewelry plans to open up three more shops – in Honolulu, in Kauai and Maui in addition to its existing three shops.
RUSH ENTERPRISES – NEW BRAUNFELS, TEXAS.
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.
RUSSELL LANDS – ALEXANDER CITY, ALA.:
Russell Lands, the largest lakeside residential developer in the state, has given full-time employees a $500 check.
“We are thrilled that our company is strong, the economy is good, and that our national leaders recently approved a tax plan that should be very positive for all of us,” said Chairman Ben Russell. “This is a token of the company’s, and my personal, genuine appreciation for what our folks have done to make Russell Lands such a great company. It’s because of our employees’ efforts that we have been able to accomplish so much.”
RYDER SYSTEM – MIAMI, FLA.:
In connection with the anticipated benefit of the Tax Act, the Company awarded a one-time cash bonus, estimated to be approximately $23 million or $0.27 per diluted share, to all non-incentive bonus eligible employees of the Company employed on December 31, 2017. The bonus will be paid to eligible employees in February 2018. The bonus will be excluded from the Company’s comparable earnings from continuing operations (non-GAAP) reported in the Company’s fourth quarter earnings release scheduled for February 16, 2018.
Ryder has 31,300 employees in North America. Ryder manages 234,100 vehicles, has 44 million square feet of warehouse space, has 7,700 drivers, 5,900 technicians, and 800 maintenance facilities.
SABAN CAPITAL GROUP – LOS ANGELES, CALIF.:
- $1,000 bonuses to employees
SEWICKLEY SPA – SEWICKLEY, PA.:
For the past decade, Sewickley Spa’s 13 employees didn’t receive annual raises.
With economic pressures forcing cuts at the business since the Great Recession of 2007-09, owner Dorothy Andreas said she couldn’t afford pay hikes — though she still managed to provide a bonus every Christmas.
But on Dec. 20 — the day Congress gave final approval to the Tax Cuts and Jobs Act — Ms. Andreas decided to “pull the trigger” on raises of 2 percent to 5 percent and bonuses that averaged 2.5 percent.
SHEFFER CORPORATION – CINCINNATI, OHIO:
Sheffer Corporation in Cincinnati, a small manufacturing business announced it was investing in new plant and equipment and giving $1,000 bonuses to all 126 of its employees as a result of this law.
SHOPRITE – WILMINGTON, DEL.:
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. The bonus is in addition to holiday and performance bonuses.
SINCLAIR BROADCAST – HUNT VALLEY, MD.:
- Sinclair Broadcast will pay a one-time $1,000 bonus to full and part-time employees.
- The company says the special bonus is due to the tax reform bill’s passing.
- It will go to nearly 9,000 employees and excludes senior level executives.
SKYWEST AIRLINES – ST. GEORGE, UTAH:
SkyWest Airlines is sharing the benefits of federal tax reform with its employees.
According to an internal memo the company will increase 401(k) contributions, increase capital expenditures, and increase charitable donations, and will enhance the existing bonus and incentive programs.
SOUTH POINT – LAS VEGAS:
The South Point has joined the list of businesses handing out bonuses after passage of the Trump administration’s tax reform bill.
The casino released a statement saying it was giving more than $1 million in bonuses for 2017 to its employees, doubling the amount of bonuses for 2016.
The company also said it would be rescinding a scheduled increase in the share of health insurance costs paid by employees.
SOUTH STATE BANK – COLUMBIA, S.C.:
South State will distribute $1,000 to full-time employees and $500 to part-time employees on Feb. 9 and will benefit more than 2,800 South State employees.
SOUTHWEST AIRLINES – DALLAS, TEXAS:
The Southwest Board of Directors authorized a bonus to all Southwest Airlines employees to celebrate the recent passage of the tax reform legislation. All full-time and part-time Southwest employees with Southwest on Dec. 31, 2017, will receive a $1,000 cash bonus on Jan. 8, 2018.
SPECTRUM ADHESIVES – MEMPHIS, TENN.:
- $500 bonuses for employees.
SPELLEX CORPORATION – TAMPA, FLA.:
“I’m the founder and CEO of Spellex Corporation located in Tampa, FL. We’re a software development company which I founded in 1988. This is the first time I’ve done anything like this. I’m hoping there are thousands of companies like mine who gave their employees $1,000 bonuses to show our support for the new tax plan which will ultimately help the middle class.” – Sheldon Wolf
SPORT CLIPS FRANCHISES – PA.:
Using the resources that I will be saving and the opportunities the franchise business model provides, I now have the momentum and capital to open 12 new Sport Clips locations around Pennsylvania. And with an average of 10 employees per location, that means 120 new well-paid, stable jobs. And I can assure you that I am not the only franchise owner taking steps to improve our communities.
ST. JOHN PROPERTIES – BALTIMORE, MD.:
Baltimore-based developer St. John Properties Inc. will give each of its 180 employees a one-time cash bonus of $1,500 in response to the Republican tax overhaul passed in December.
STAFFORD BOUNCE N PLAY – STAFFORD, VA.:
“SBnP, LLC is a Virginia Small, Women-owned and Minority-owned (SWaM) Business. SBNP LLC is a Pass-through business. The Tax Cuts and Jobs Act gives pass-through businesses like ours an additional 20% deduction from our income. Thanks President Trump!” – Nicholas and Nadia Bluma, Stafford Bounce n Play, LLC
STARBUCKS – SEATLLE, WASH.:
Starbucks Corp will use some of the savings from the new U.S. corporate tax cuts to give domestic employees pay raises, company stock and expanded benefits with a combined worth of more than $250 million, the company said.
STATE STREET – BOSTON, MASS.:
- Enhanced employee retirement benefits and investment in training and community grant programs.
STAUB MANUFACTURING – DAYTON, OHIO:
Since Trump took office, Staub says his business has flourished as a result of his presidency. They’ve grown their team from 23 to 37 employees.
After Trump’s tax cuts and reform legislation were enacted last year, Staub says he was able to give larger than expected Christmas bonuses to his employees.
STERIS – DERBY, U.K.:
Like many companies, the recent tax reform in the U.S. will result in significant additional earnings for STERIS to strategically grow our business and return value to Customers, employees and shareholders. One of our first actions on that front will be a one-time special discretionary bonus of $1,000 to all U.S. employees other than senior executives.
STIFEL FINANCIAL CORP. – ST. LOUIS, MO.:
Stifel Financial Corp. Chief Executive Ron Kruszewski played Santa Claus two days before Christmas, telling most of the financial company’s approximately 7,000 salaried employees that they will receive an extra $1,500 bonus funded by expected benefits from the new tax law.
SUMMIT STATE BANK – SANTA ROSA, CALIF.:
Summit State Bank announced its plan to give $2,000 to each of its non-executive employees in January 2018 as a windfall derived from the Trump Administration’s tax-law revamp signed by the president on Dec. 22.
Part of the tax-reform legislation will reduce corporate taxation from 35 percent to 20 percent.
SUN COMMUNITY NEWS – ELIZABETHTOWN, N.Y.:
Raises for all employees averaging $1,000 each; restoration of 2% match on employee IRAs; software and equipment upgrades.
SUN TRUST – ATLANTA, GA.:
- $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
- $1,000 financial incentive for all teammates that complete the SunTrust Momentum onUp financial fitness program.
SUNDANCE VACATIONS – WILKES-BARRE, PA.:
Sundance Vacations announced a decision to award bonuses to its employees based on the GOP tax reform bill that was recently signed into law by President Trump… The Sundance bonuses will total over $125,000. Hundreds of other companies are also issuing bonuses nationwide which Dowd believes will inject more spending into the US economy.
SUSSEX WIRE INC. – EASTERN, PA.:
A reduction in the federal corporate tax rate from 35 percent to 21 percent enables Sussex Wire to invest in more workers and technology. The second is the ability to take full depreciation of capital equipment investments in the first five years.
“Those two benefits in the law are a home run for a company like Sussex Wire,” Kardish said.
He said the company had planned to hire five new employees within the next year with or without the legislation, but the law allows the company to do it faster.
SUTTER MASONRY – EL MIRAGE, ARIZ.:
The company employs approximately 100 people. Hourly wages were increased by $1.00 and over $50,000 in bonuses were distributed
SYNOVUS FINANCIAL – COLUMBUS, GA.:
- Synovus Financial Corporation in Columbus, Ga., said it would give a $1,000 bonus to all full-time and part-time non-executive employees.
TCF FINANCIAL – WAYZATA, MINN.:
As a result of the Tax Cuts and Jobs Act, TCF will provide approximately $5 million in one-time bonuses to eligible team members—$1,000 to full-time team members and $500 to part-time team members—who earned less than $100,000 in total compensation during 2017, totaling 80 percent of its workforce. Additionally, TCF will donate $5 million to TCF Foundation to increase grants to nonprofit organizations in the communities it serves, including increasing its match of team member contributions to nonprofit organizations from 100 percent to 200 percent in 2018.
TERRITORIAL SAVINGS BANK – HONOLULU, HAWAII:
Territorial Savings Bank has joined the state’s four largest banks in giving out bonuses to employees and increasing the minimum wage.
Territorial Savings Bank said today that most of its employees will receive a $1,000 bonus and that it will be increasing its starting wage to $15 an hour from $11.25 an hour beginning Monday. The bonus, which was awarded today to 247 employees, is in addition to a $250 bonus that had been paid earlier this month to the same employees, following a practice that has been in place for several years. The 36 employees at the vice president level and above did not receive the $1,000 bonuses.
TEXAS CAPITAL BANK – DALLAS, TEXAS:
Texas Capital Bank President and CEO Keith Cargill announced today that the bank will be giving a majority of its employees a special $1,000 bonus, thanks in part to passage of the federal tax overhaul plan.
THERMO FISHER SCIENTIFIC – WALTHAM, MASS.:
- $500 bonuses
TOKIO MARINE HHC – HOUSTON, TEXAS:
- $1,500 employee bonuses for 2,000 employees.
TOTAL SYSTEM SERVICES – COLUMBUS, GA.:
Total System Services Inc. is crediting tax reform for cash bonuses going to their team members worldwide.
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 — a little more than 5,000 of whom are based in Georgia.
TOWN BANK – HARTLAND, WIS.:
Town Bank said the decision to increase the pay rate for eligible staff “comes as a result of the recently enacted tax reform legislation and the bank’s continued commitment to its employees.”
Wintrust said it expects that more than 600 employees will benefit from the pay raise across its family of more than 150 bank locations, including Town Bank’s 19 branches in Wisconsin.
TRAVELERS – NEW YORK, N.Y.:
Joining a growing list of companies handing out cash in the wake of federal legislation that slashes corporate tax rates, the Travelers Cos. Inc. told its staff it will give bonuses of $1,000 to thousands of employees.
Chief Executive Officer Alan Schnitzer said in a letter to employees that Travelers will give the bonuses in January to about 14,000 employees with a base salary of $75,000 a year or less and who meet “performance expectations.”
TRI-STATE TRAILER SALES – LANCASTER, PA.:
- Increased 401(k) for employees, to 100% on the first 4% of compensation
TRUE NORTH STEEL – BILLINGS, MONT.:
True North Steel added 35 new jobs which Daines attributes to the tax cuts.
Daines said there are several companies in Montana who raised wages, gave out bonuses, and added jobs.
TURNING POINT BRANDS – LOUISVILLE, KY.:
Turning Point is joining the nationwide trend of giving a $1,000 bonus to its work force after the passage of tax reform legislation.
TURNING POINT USA – LEMONT, ILL.:
- $300 bonuses to all 115 employees.
TYSON FOODS – SPRINGDALE, ARK.:
- Provide a one-time bonus to more than 100,000 team members whose compensation does not include an annual bonus. Eligible full-time team members will receive $1,000, and eligible part-time team members will receive $500. These team members are the backbone of our business and can expect to hear more details from their leadership soon.
- Focus funds on innovation and other initiatives such as enhancing the training, education and development opportunities that all team members receive, so you have the tools you need to advance within Tyson Foods and achieve your potential. For one, we’ll be increasing our investment in our Upward Academy program, an initiative that helps new workers with life skills, including English as a Second Language and General Educational Development (GED) classes.
- Accelerate capital projects that strengthen our operations and plant communities around the U.S. As part of this investment, we will move faster on sustainability and animal well-being initiatives, shrinking our environmental footprint, protecting the animals in our care and giving the world’s growing population greater access to sustainable food.
U.S. BANK – MINNEAPOLIS, MINN.:
Minneapolis-based U.S. Bancorp 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.
UMPQUA BANK – PORTLAND, ORE.:
Umpqua Bank announced in its latest earnings call that it had paid $3.2 million in employee profit-sharing and contributed $2 million to the Umpqua Bank Charitable Foundation as a result of the tax bill.
UNION BANK & TRUST – LINCOLN, NEB.:
All full-time and part-time employees received a $1,000 bonus. Over 800 employees.
UNITED BANK – MARYSVILLE, KAN.:
United Bank and Trust raised hourly and salaried employees’ wages by $100 per month.
UNITY BANK – CLINTON, N.J.:
In response to Congressional approval of tax reform legislation, Unity Bancorp, Inc. (NASDAQ:UNTY), parent company of Unity Bank, announced today that its Board of Directors has elected to provide all employees excluding executive management with a one-time $750 bonus.
UPS – ATLANTA, GA.:
UPS today announced more than $12 billion in investments to expand the company’s Smart Logistics Network, significantly increase pension funding, and position the company to further enhance shareowner value.
“This $12 billion investment program is an outgrowth of the opportunity for tax savings created by the Tax and Jobs Act,” said David Abney, UPS Chairman and Chief Executive Officer. “We will increase network investments and accelerate pension funding to strengthen the company for the long term, so that we maximize the benefit to our global customers, employees and shareowners.”
VERIZON – BASKING RIDGE, N.J.:
Verizon says employees, other than top management, will receive 50 shares of restricted stock, the price of which will be set on February 1.
The award could total over $400 million, based on Verizon’s current share price. Shares traded around $53 a share on Tuesday, down from a fresh 52-week intraday high of $54.60 after quarterly earnings were released.
VERST LOGISTICS – WALTON, KY.:
Verst Logistics confirmed today that they distributed $500 bonuses to all full-time employees on December 29, 2017.
As part of an internal communication, President and CEO Paul Verst wrote that, as a result of the approved tax reform legislation, “Verst Logistics will realize reduced tax obligations going forward.” Speaking directly to employees, he added, “The combination of the efforts of our employees to meet and exceed our customer’s requirements, coupled with a more favorable tax environment, makes for a great future for our company. I want to be sure that you and your families share in the benefits of your accomplishments and the new tax reform legislation.”
VISA – FOSTER CITY, CALIF.:
Recognizing that the change in the tax law is focused on the U.S., we have looked first at improving our benefits for U.S.-based employees by significantly inriching our company contributions to the 401(k) program:
- Visa matches 200% of eligible employee contributions up to 3% of base salary for a total maximum contribution of 6% of eligible pay.
- Visa will now increase the match to 200% of employee contributions up to 5% of base salary, for a Visa total maxmum contribution of 10% of eligible pay.
WALMART – BENTONVILLE, ARK.:
More than 1 million associates benefit from combined wage and benefit changes
- Walmart is increasing its starting wage rate for hourly employees in the U.S. to $11, following the passage of new tax legislation.
- The company said it will also expand maternity and parental leave benefits, and provide a one-time cash bonus for eligible employees of as much as $1,000.
- Walmart said it’s still accessing other “potential additional investments” that could come after the new tax laws.
WASHINGTON FEDERAL – SEATTLE, WASH.:
Washington Federal announced a series of changes as a direct result of the passage of federal tax reform legislation. That includes a 5 percent merit-based increase in wages for all employees earning less than $100,000 annually as well as an investment in employee training programs.
The bank is also planning to increase its technology staff by 25 percent and add an additional tech office in Boise, Idaho, according to a news release. It will also contribute $5 million to the Washington Federal Foundation, which supports nonprofits focused on housing, senior care and improving financial literacy.
WASHINGTON TRUST BANK – WESTERLY, R.I.:
“Recent legislation has provided us with an opportunity to further recognize our employees and the important role they play in delivering excellent results for our customers and shareholders,” stated Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer.
The Corporation outlined the investment plan as follows:
- We will award a one-time cash bonus of $1,000 to full-time employees and a $500 cash bonus to part-time employees. This award will benefit employees below a certain compensation threshold, covering more than 70 percent of our approximately 600 employees.
- Additionally, we will implement a $1.00 per hour salary increase for employees below a certain compensation level, benefitting almost 40 percent of our workforce.
WASTE MANAGEMENT – HOUSTON, TEXAS:
Waste Management said that it will give $2,000 in special bonuses to about 34,000 employees.
The company said the cash bonuses will be given to its North American employees who are not on a bonus or sales incentive plan, including hourly and other employees.
The news comes after other companies have made similar announcements, citing the passage of tax legislation that slashes the corporate tax rate to 21 percent from 35 percent.
WEBHOBBY SHOP – PONTIAC, MICH.:
Bruce Zak, owner of Web Hobby Shop in Pontiac, Michigan, said, “I am sure it seems like ‘crumbs’ to elitists but I was able to give them a $2 per hour raise because of the tax reform. It was great to do and my staff is very pleased.”
WEBSTER BANK – WATERBURY, CONN.
Webster said it will pay a one-time $1,000 cash bonus in the first quarter of 2018 to full-time employees who are below the vice president level. This payment will benefit approximately 70 percent of all Webster full-time employees, the bank said.
The financial institution also said it would increase Webster’s minimum wage to $15 per hour by the end of 2018.
WELLS FARGO – SAN FRANCISCO, CALIF.:
- Plans to raise the minimum wage of all team members to $15 per hour, which is an 11% increase over their current minimum hourly rate of $13.50.
- Targeting $400 million in donations to community and nonprofit organizations in 2018 and will target 2% of its after-tax profits in 2019 for corporate philanthropy.
- Targeting $100 million in capital and other resources over the next three years to support the growth of diverse small businesses and an additional $75 million in 2018 to its NeighborhoodLIFT program on sustainable homeownership and neighborhood revitalization.
WESTAR ENERGY – TOPEKA, KAN.:
Westar Energy announced it will file a request before the Kansas Corporation Commission (KCC) to reflect in its electricity rates the full amount of tax savings from the change in the federal tax law. Westar said that a detailed application is being prepared and will be filed later this month or early February. The Tax Cuts and Jobs Act, which decreased the corporate tax rate from 35 percent to 21 percent, was signed into law on Dec. 22, 2017, and became effective Jan. 1, 2018.
“We agree with the KCC Staff and others that all these tax benefits should go to our customers,” said Mark Ruelle, President and CEO of Westar. “This application to update rates starts that process.”
WESTERN ALLIANCE – PHOENIX, ARIZ.:
- 7.5 percent wage increase for the lowest-paid 50 percent of its employees.
WESTERN & SOUTHERN FINANCIAL GROUP – CINCINNATI, OHIO:
- $2,000 bonuses for full time employees
- $1,000 for part time employees
WHITE PINE WINERY – ST. JOSEPH, MICH.:
- This is a big deal for the wine industry,” Says Dave Miller, White Pine Winery owner. He says over the past few days his email has been flooded with news of the tax bill…he says business has been good this year, and he plans on planting more grape vines this spring.
- According to the Wine Institute, which represents a thousand wineries, this is the first wine excise tax reduction in 80 years. It says the bill will help grow wineries across the country.
WILLIS LEASE FINANCE – NOVATO, CALIF.:
Willis Lease Finance Corporation announced that it has given all non-executive employees a one-time bonus of $1,000 as a result of the tax laws recently passed by the United States Congress and signed into law by President Donald Trump.
WINDSOR FEDERAL SAVINGS – WINDSOR, CONN.:
Windsor Federal in Windsor, Conn., will pay a $250 bonus to all employees (excluding senior management), and raise the hourly minimum wage to $15 per hour.
YAM WORLDWIDE – SCOTTSDALE, AZ.:
“The passage of the tax credit is a catalyst for explosive economic growth. On a massive scale, the lowered federal tax burden on businesses will increase investment, entrepreneurship and corporate philanthropy,” Parsons said in a press release. “I’ve always believed in sharing good news and have decided to celebrate the tax plan by giving back to my staff.”
The firm employs 725 people, and the 594 who have been with the company longer than six month will each receive a $2,000 bonus, according to the press release. All other staffers will get $1,000. The bonuses total $1.3 million.
YANCEY BROS. – AUSTELL, GA.:
- $500 bonus to all employees
ZIONS BANK – SALT LAKE CITY, UTAH:
Zions Bancorp, the Salt Lake City-based large regional bank, said 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.