Jan 05, 2018
It’s Working: Businesses Pledge Billions of Dollars in New Investments & Bonuses for Their Employees; More Take Home Pay & More Jobs
Post by Freedom Partners
A Stronger Economy, Greater Opportunity & Prosperity for All Americans
House Minority Leader Nancy Pelosi (D-CA) warned of imminent apocalypse should the historic Tax Cuts and Jobs Act become law. Tax reform will be “the end of the world. This is Armageddon,” she proclaimed.
The tax bill will be a “one-two gut punch to the middle class,” Senator Chuck Schumer (D-NY) said despite the fact that the bill lowers rates for Americans at every income bracket.
So what was the actual result?
Just two days later with the legislation on the verge of becoming law, AT&T and Comcast announced billions in new investment, more jobs and more money for their employees, helping to expand opportunity, drive economic growth and lasting prosperity.
And despite the critics who said otherwise, the Tax Cuts and Jobs Act is already making a real difference for businesses and millions of employees and their families. To date, hundreds of companies have announced similar investments.
Keep your eye on this page for updates as the benefits of the pro-growth tax law continue to take shape.
Massachusetts Based 1A Auto Announced Cash Bonuses For All Full-Time Employees Due To Tax Reform. “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.” (Press Release, “1A Auto to Give Company Wide Bonus,” 1A Auto, 1/25/18)
1st Source Corporation
1st Source Corporation Will Give Employees $500 In company Stock, Additional Performance Award Base Pay Of $500 And Will Increase It’s Education Reimbursement Contribution From $3,000 To $6,000. “1st Source Corporation announces important investments in its people as a result of record performance in 2017 and new tax legislation opportunities. These new investments include the following: 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.” (Press Release, “1st Source Corporation Responds to Tax Act and Record Performance,” 1St Source Corporation, 1/31/18)
1st Summit Bank
Pennsylvania Based 1st Summit Bank: “Johnstown, Pa.-Based 1st Summit Bank Provided A $1,000 Bonus To All Full-Time Employees On Top Of 2017 Year-End Bonuses, Raised Its Salary Ranges And Increased Its Charitable Giving Budget By 10 Percent.” (“Additional Announcements of Post-Tax Reform Bank Actions,” ABA Banking Journal, 1/22/18)
AAON Inc. Announced It Will Give $1,000 Bonuses To All Employees Excluding Officers. (Press Release, “AAON Announces Tax Reform Bonus for Employees,” AAON Inc., 1/2/18)
“Acadia Healthcare Is Pleased To Announce It Will Be Adding To New Jobs, Opening Additional Treatment Centers, And Expanding Existing Facilities Due To The Extraordinary Tax Reform Bill.” “Acadia Healthcare is pleased to announce it will be adding to new jobs, opening additional treatment centers, and expanding existing facilities due to the extraordinary tax reform bill. Our employees witnessed the personal benefits of the new tax law in their paychecks last week, and I’m excited to announce that Acadia will use the corporate tax savings to increase access to mental health and substance abuse services across the country. As the leading provider of opioid addiction treatment and behavioral health services in the country, Acadia is reinvesting the financial benefit provided by the new tax law into our employees and facilities, and expanding access to care to a suffering population across the U.S. We are committed to build on our strategies to keep facilities up to date, make sure we build new opioid treatment centers to meet the growing epidemic, expand access to beds at our inpatient and resident facilities, and creating new jobs across the country.” (Acadia Healthcare Letter To Senate Majority Leader Mitch McConnell, 2/12/18)
Accuweather Is “Providing Special Year-End Bonuses To All Employees” Now That Tax Reform Has Passed. (Press Release, “AccuWeather Announces Special Year-End Bonus and Other Investments to Cap a Year of Strong Financial Performance, Superior Accuracy,” AccuWeather, 12/26/17)
Adams Community Bank
Massachusetts Based Adams Community Bank Will Pay Full-Time Employees A $1,000 Bonus, Part-Time Employees A $500 Bonus, Increase Base Pay For Hourly Non-Office Employees A $1 An Hour And Raise Minimum Wage To $13.25 An Hour. “Adams Community Bank today announced investments in its employees, customers, and the Berkshire community following the recent passage of federal tax reform legislation. These investments include: 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.” (Press Release, “1/25/18 Adams Community Bank Announces Employee and Community Investments,” Adams Community Bank, 1/25/18)
Tennessee Based Advanced Financial Will Increase It’s 401(k) Contributions For All Employees And Will Increase Its Share Of Profits For All Frontline Employees In Response To Tax Reform Passing. “In an email sent to all employees, Hodges outlined three ways in which Advance Financial is passing on tax savings: 1. Increasing its 401(k) match from 3% to 5% for all employees. 2. Increasing the share of profits that front line employees can receive from 3% to 5%. (Front line employees, who man Advance Financial’s 85 locations across Tennessee, account for 85% of the company’s 800+ employees.) 3. Increasing giving to the Advance Financial Foundation by 8%. (The foundation provides donations to non-profit organizations in communities served by Advance Financial.) The combined effect of the actions announced this morning will be an additional $500,000 to employees and more than $550,000 to community organizations in 2018 alone.” (Press Release, “Advance Financial Passes On Over $1 Million In Tax Saving to Employees and the Communities It Serves,” Advance Financial, 1/5/18)
Aflac Incorporated Announced Tax Reform Has Allowed Them To Increase It’s 401(k) Match From 50% to 100% As Well As Contribute An Extra $500 To Each Employees 401(k). (Melissa Quinn, “Aflac boosts employee benefits, pledged additional US investment due to tax bill,” Washington Examiner, 12/28/17)
Alaska Air Group
Alaska Air Group Will Be Giving Employees $118 In Incentive Bonuses Due To Tax Reform. “Employees of Alaska Air Group companies Alaska Airlines, Virgin America and Horizon Air are receiving $118 million in incentive bonuses today. For most employees, this equates to an average of more than 7 percent of their annual pay in 2017. In addition, 23,000 Air Group employees will receive a one-time $1,000 bonus on Jan. 29 from additional tax savings the company expects to receive this year. The company’s annual bonus, called Performance Based Pay (PBP), is determined by meeting or exceeding specific company-wide goals for safety, customer satisfaction, cost control, customer loyalty and profit. For the ninth year in a row, employees will enjoy a payout of about an additional month’s pay.” (Press Release, “Alaska Airlines, Virgin America and Horizon Air employees receive $148 million in bonuses,” Alaska Air Group, 1/26/18)
Pennsylvania Based Almo Plans To Give Employees A $1,000 Bonus Due To Tax Reform As Well As Investing Savings Back Into The Corporate Headquarters, Sales Offices, Distribution Centers And A New Operating System. “Almo, the Philadelphia-based appliance, CE, housewares and pro A/V distributor, is investing its savings from the Trump administration’s new tax legislation in its employees and infrastructure. President/CEO Warren Chaiken said Almo’s newly lowered tax structure will allow it to reward its employees with an incremental bonus of $1,000, as ‘they are the greatest asset we have to offer as a business.’ The family-held operation, now in its 72nd year, is also plowing its tax savings back into its corporate headquarters, sales offices, distribution centers and a new operating system. The new platform will boost efficiencies and further enhance the customer experience by allowing sales teams to process orders more effectively, Almo said.” (Alan Wolf, “Almo Sharing The Wealth With Workers,” Twice, 3/9/18)
Amarillo National Bank
Amarillo National Bank Will Be Giving Employees A $1,000 Pay Raise. “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. ANB says they also plan on investing another $2.5 million into it’s downtown properties.” (Meredith Avery, “ANB Giving Raises to Employees Due to Tax Cuts,” My High Plains, 12/21/17)
“Ameren Illinois Files Petition To Pass Tax Savings To Customers.” “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. In the proposal filed with the ICC today, the company is seeking approval to pass along federal tax savings to electric customers beginning this year. A similar proposal was filed last week on behalf of Ameren Illinois natural gas customers.” (Press Release, “Ameren Illinois files petition to pass tax savings to customers,” Ameren, 1/22/18)
“American Airlines To Distribute $1,000 To Each Team Member.” (Press Release, “American Airlines to Distribute $1,000 to Each Team Member,” American Airlines, 1/2/18)
American Bank Inc.
“American Bank Announces $1,000 Bonus For Employees, Citing Tax Bill.” (Press Release, “American Bank Announces $1,000 Bonus for Employees, Citing Tax Bill,” American Bank Incorporated, 12/22/17)
American Express Plans To Invest $200 Million Toward Customer Growth Initiatives As Well As Increasing Contributions To Employee Profit-Sharing Plans. “American Express also said it planned to invest $200 million more toward customer growth initiatives in 2018 than originally anticipated, and announced it had made an incremental contribution toward employee profit-sharing plans. The company did not disclose how much.” (Chloe Aiello, “American Express plans to suspend share buyback due to tax reform,” CNBC, 1/18/18)
American Family Insurance
Wisconsin Based American Family Insurance Will Give All Employees, Excluding Officers And The Board Of Directors, A $1,000 Bonus As A Result Of Tax Reform. “American Family Insurance continues to invest in its people, communities and customers as a result of the reduced federal tax rate. The company will use the tax reform to enhance employee benefits and reinforce the company’s commitment to its people for putting customers first and remaining an employer of choice. In the longer term, customers are expected to benefit, too, with the tax savings impacting pricing. Among the new benefits is a $1,000 one-time bonus for 11,000 employees, excluding officers and the board of directors, at American Family. This bonus is made possible because of the reduction of the federal corporate tax rate in 2018. The company’s independent contractor agents will also have the opportunity to earn a higher incentive for strong customer satisfaction. Over time, tax reform benefits will influence the company’s return on equity and have a favorable impact on pricing for customers.” (Press Release, “American Family Insurance Boosts Investments In Its People, Communities And Customers,” American Family Insurance, 1/26/18)
American Proteins Inc. Will Give Its Employees A $1,000 Bonus As A Result Of Tax Reform Passing. “Another Georgia company’s employees will enjoy bonuses following the passage of the federal tax overhaul bill. American Proteins Inc. based in Cumming has 700 employees at its operations in Georgia and Alabama. It announced it would give employees $1,000 bonuses ‘in response to the tax reform package signed into law earlier this year.’ ‘President Donald Trump and the Republican Congress have reduced taxes for businesses and individuals and I’m excited what this means for our company and its employees,’ American Proteins Inc. Chairman Tommy Bagwell said in a statement Feb. 5.” (Jessica Saunder, “Georgia poultry processor giving employees $1,000 bonuses after tax reform,” Atlanta Business Chronicle, 2/26/18)
American Savings Bank
American Savings Bank, The Third Largest Bank In Hawaii, Announced It Will Give Employees A $1,000 Bonus And Will Be Raising The Minimum Wage To $15.25 An Hour Due To Tax Reform. (Dave Segal, “American Savings to give employees $1K bonuses, raise minimum wage,” Honolulu Star Advertiser, 12/23/17)
Wisconsin Based Americollect Announced It Will Be Giving It’s Roughly 250 Employees A Bonus Due To The Passage of Tax Reform. (“Americollect says employees will get tax reform bonus,” USA Today, 12/21/17)
Anfinson Farm Store
Iowa Based Anfinson Farm Store Will Give All Full-Time Employees A $1,000 Bonus And Will Raise Wages By 5%. “Anfinson Farm Store, a family business in Cushing, Iowa (population 223), 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.” (John Kartch, “Anfinson Farm Store Awards $1,000 Bonuses and 5% Pay Raises,” Americans For Tax Reform, 1/9/18)
Apple Announced That It Will Create 20,000 News Jobs, Establish A New U.S. Based Campus And Will Bring In $38 Billion From Repatriating Nearly All Of Its $250 Billon In Overseas Cash. “Apple (AAPL) on Wednesday said it will create 20,000 new jobs and establish a new U.S.-based campus as part of $350 billion in new ‘direct contribution’ to the economy. Apple also said it expects repatriation tax payments of roughly $38 billion due to changes enacted by the recently-passed GOP tax reform bill. The new tax code calls for a 15.5% repatriation tax rate. The company listed $252.3 billion in overseas cash in its most recent filing with the SEC.” (Thomas Barrabi, “Apple to add 20K jobs, pay $38B US tax bill to repatriate cash,” FOX Business, 1/17/18)
APS, An Arizona Based Energy Company, Press Release: “Corporate Tax Cut Savings Lead APS To Request Decrease In Customer Bills.” “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. If approved, the $119 million decrease will offset the $95 million revenue increase that resulted from APS’s last rate review. The savings of $0.004258/kWh will be passed directly to customers through the Tax Expense Adjustor Mechanism (TEAM), a new adjustor mechanism that was included in the company’s rate review, and customer savings will vary with actual energy usage. APS customers would receive the credit on their monthly bill.” (Press Release, “corporate tax cut savings lead aps to request decrease in customer bills,” APS, 2/1/18)
APPS Portamedic Gave Its Employees A Bonus “In The Thousands” Due To Tax Reform. “At the Bellevue small business called APPS Portamedic, two employees schedule the health tests people get when they apply for life insurance. Ben Oakley, whom we first met on Twitter, is the owner. Oakley says he’ll benefit from the new tax rules for many small businesses. … So, Oakley decided to share the tax break, ‘Yeah, I sat down with my wife two days ago, I’m like ‘if this goes, I want to show people that one, Republicans care about the middle class.’ My wife and I are middle class, our staff is middle class. The employees didn’t want to do a TV interview and Oakley wanted to keep the exact size of the bonuses private.”
APPS Portamedi Owner Ben Oakley: “…And The Thing I Love About It, Is For Me It Wasn’t About The Amount. It Was About How Excited My Staff Were, When I Was Able To Write Them A Check. That Was Everything To Me.” “’It’s in the thousands, yeah, and the thing I love about it, is for me it wasn’t about the amount. It was about how excited my staff were, when I was able to write them a check. That was everything to me,’ Oakley said.” (Essex Porter, “Trump tax cuts spur Bellevue businessman to give bonuses,” KIRO, 12/20/17)
Aquesta Financial Holdings Inc.
North Carolina Based Aquesta Financial Holdings Inc. Announced It Will Provide All Employees With A $1,000 Bonus And Will Raise Its Minimum Wage To $15 An Hour. (Richard Craver, “Banks plan bonuses, wage increases as a result of tax reform,” Martinsville Bulletin, 12/26/17)
AR-15 Gun Owners of America
AR-15 Gun Owners of America Gave Employees A $300 Bonus And Increased Their Salaries. “The CEO of a pro-Second Amendment organization is passing a portion of his profits from the tax bill to company employees. ‘We already gave $300 bonuses and increased our employee salaries as well,’ said AR-15 Gun Owners of America CEO Chris Waltz to FOX Business’ Stuart Varney on ‘Varney & Co.’ The five-year-old federal firearms licensed dealer, based in Warner Robins, Georgia, has less than 10 employees but joins a growing list of companies, including FedEx (FDX), Wal-Mart (WMT) and AT&T (T), raising pay and shelling out bonuses as a result of the tax bill.” (Julia Limitone, “American rifle group hands out bonuses, boosts workers’ pay after Trump’s tax bill,” FOX Business, 1/17/18)
Associated Bank, The Largest Financial Institution Headquartered In Wisconsin, Announced It Will Be Raising It’s Minimum Wage To $15 And Will Be Giving Employees A $500 Bonus. (Paul Gores, “Associated Bank to boost minimum wage to $15, pay one-time bonuses when tax reform is signed,” Journal Sentinel, 12/22/17)
Assurant Inc., A Risk Management Solutions Provider Who Had Planned To Move Its Operations To Bermuda, Reversed Its Plans And Decided To Stay In Delaware Following The Passage Of Tax Reform. “Assurant Inc. ( AIZ ), a provider of risk management solutions, and Warranty Group, a provider of protection plans and related programs, as well as a portfolio company of TPG Capital, said they have amended the structure of their $2.5 billion transaction, previously announced on October 18, 2017. Under the revised terms, Assurant will acquire TWG Holdings Limited and its subsidiaries, and remain a Delaware corporation. This change follows recently enacted U.S. tax legislation and allows Assurant to simplify the overall deal structure as well as optimize the transaction financing mix.” (Press Release, “Assurant, Warranty Group Amend Deal Structure – Quick Facts,” Assurant Inc., 1/9/18)
North Carolina Based Atlantic Packaging Will Give Full-Time Employees A $1,000 Bonus Due To Tax Reform. “Atlantic Packaging, one of North Carolina’s largest privately held companies, headquartered in Wilmington, announced today that management is awarding $1,000 bonuses immediately to full-time employees. Nearly 1,000 Atlantic employees will receive the bonus payment by February 15th, 2018.” (Press Release, “Atlantic Packaging, A Private North Carolina Company, Rewards Employees With A $1,000 Bonus,” Atlantic Packaging, 1/23/18)
Atlas Air Worldwide
Atlas Air Worldwide Will Give A $1,000 Bonus To Staff Below The Officer Level. “In appreciation of your significant efforts, the Company 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 and is subject to applicable federal, state and local withholding taxes.” (John Kartch, “TWO MILLION Americans (And Counting) Will Receive Tax Reform Bonuses,” Americans For Tax Reform, 1/11/18)
Altria Group Inc.
“Altria Group Will Pay $3,000 Bonus To All Non-Executive Employees.” “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.” (John Reid Blackwell, “Altria Group will pay $3,000 bonus to all non-executive employees,” Richmond Times-Dispatch, 2/1/18)
Due To Tax Reform, “Amboy Bank Will Also Pay All Non-Executive Employees A Minimum Year-End Bonus Of $1,000.” “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 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. Other New Jersey-based banks that have announced employee bonuses in recent months include Somerset Savings, Unity and OceanFirst, according to a spokeswoman for the New Jersey Bankers Association. Somerset Savings Bank last month announced a one-time bonus of $750 for all employees who aren’t senior management.” (Jeff Goldman, “Minimum wage boosted to $15 at N.J. bank,” NJ.com, 2/8/18)
AT&T Plans To Increase U.S. Capital Spending $1 Billion And Provide $1,000 Special Bonus To More Than 200,000 U.S. Employees. (Press Release, “With Tax Reform, AT&T Plans To Increase U.S. Capital Spending $1 Billion And Provide $1,000 Special Bonus To More Than 200,000 U.S. Employees,” AT&T, 12/20/17)
AutoNation, The Nation’s Largest Car Dealer, Announced It Will Double Its Matching Contributions To Employee 401(K) Plans And Will Launch A Cancer Benefits Program For Employees Diagnosed With The Disease. “The head of the U.S.’s largest car dealer climbed on the bandwagon of more than 100 companies offering bonuses and additional perks to employees, all citing the Republican-backed, business-friendly tax reform bill, which was signed into law by President Trump in late December. AutoNation (AN) 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.” (“Autonation Joins Slew Of Companies Offering Tax Reform-Related Perks To Employees,” FOX Business, 1/17/18)
“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.” “AVANGRID, Inc., a diversified U.S. energy company, today issued the following statement regarding the impact of the 2017 tax reform act. 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. AVANGRID and its companies look forward to working with regulatory agencies to determine the best mechanism to accomplish this, and to ensure it is done in a fair and responsible manner. We expect this to happen via existing regulatory processes in the months ahead.” (Press Release, “Avangrid Will Pass Savings From 2017 Tax Reform To Customers,” Avangrid, 1/10/18)
Avista Will Pass $50-$60 Million In Savings From Tax Reform To Its Customers In The Form Of Lower Rates. “Avista customers could collectively see a $50 million to $60 million annual benefit from federal tax reform, utility officials said Wednesday. The savings on individual customers’ bills, however, won’t be known until later this year. Corporate tax rates for the Spokane-based utility dropped from 35 percent to 21 percent effective Jan. 1. Savings from the lower taxes will get passed on to Avista’s utility customers in Washington, Idaho and Oregon, said Mark Thies, senior vice president and chief financial officer. Washington customers could start seeing the tax benefit on their bills as early as May 1, when new electric and gas rates are expected to take effect. Avista has a pending rate case before the state’s Utilities and Transportation Commission.” (Becky Kramer, “Avista customers expected to reap savings on rates from federal tax reform,” Spokesman-Review, 2/21/18)
Idaho Based Ball Ventures, A Commercial Real Estate Company, Announced It Will Give Its Employees A $100 Bonus For Every Year They’ve Been With The Company. (Nate Eaton, “Ball Ventures announces bonuses for employees due to tax bill,” East Idaho News, 12/27/17)
Baltimore Gas & Electric
Maryland Based Baltimore Gas & Electric Announced Filed To Reduce Their Energy Costs As A Result Of Tax Reform Passing. “Today 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.” (Press Release, “BGE to Provide Federal Tax Reduction Benefits to Customers,” Baltimore Gas & Electric, 1/5/18)
Bank Midwest Will Give Full-Time Employees $500 Bonuses And Part-Time Employees A $250 Bonus. “Bank Midwest in Spirit Lake, Iowa, announced $500 bonuses for full-time employees and $250 bonuses for part-timers.” (“Banks Continue Rolling Out Post-Tax Reform Bonuses, Community Investments,” ABA Banking Journal, 1/16/18)
BancorpSouth Bank Announced Pay Increases Or Bonuses to Nearly All Non-Commissioned Employees. “BancorpSouth Bank (NYSE: BXS) today announced an additional investment in its employees, which includes pay increases and /or one-time bonuses to nearly all non-commissioned employees. The investment of over $10 million in 2018 will benefit 96% of the Company’s non-commissioned workforce. Pay increases were effective January 1, 2018.” (Press Release, “BancorpSouth Bank Announces Investment in Employees,” BancorpSouth Bank, 1/3/18)
Bank Of Advance
“Bank Of Advance In Advance, Mo., Paid $1,000 Bonuses To All Staff.” (“Banks Continue Post-Tax Reform Bonuses, Wage Hikes,” ABA Banking Journal 1/11/18)
Bank of America Corp.
Bank Of America Corp. Announced That It Will Give $1,000 Bonuses To About 145,000 Employees Due To The Passing Of Tax Reform. (Rachel Louise Ensign, “Bank of America to Give Bonuses to About 145,000 Employees Following Tax Overhaul,” Wall Street Journal, 12/22/17)
Bank Of Colorado
Bank Of Colorado Will Give Each Full-Time Employee A $1,000 Bonus As A Result Of Tax Reform. “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. … Bank of Colorado has 641 associates in Colorado and New Mexico. Customers will also benefit from the tax cut as Bank of Colorado has raised interest rates on its Money Market accounts.” (“Bank of Colorado to pay special bonus,” Journal-Advocate, 12/27/17)
Bank of Hawaii
Bank Of Hawaii, The States Second Largest Bank, Announced It Will Give $1,000 Bonuses To 95% Of Their Employees And Raise Minimum Wage To $15 An Hour. (Dave Segal, “Bankoh, First Hawaiian to give most employees bonuses, raise minimum wage,” Honolulu Star Advertiser, 12/22/17)
Bank of the James
Virginia Based Bank Of The James Raised Its Minimum Wage To $15 An Hour And Gave Employees With More Than A Year Of Service Extra Vacation Days. (“Banks Continue Post-Tax Reform Wage Increases, Community Investments,” ABA Banking Journal, 1/2/18)
Bank Of New York Mellon Corp.
Bank Of New York Mellon Corp. Will Raise Its Minimum Wage To $15 Due To Tax Reform. “Bank of New York Mellon Corp. 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.” (Justin Baer, “BNY Mellon to Raise Wages for 1,000 Employees Following Tax Overhaul,” The Wall Street Journal, 1/18/18)
Bank of the Ozarks
Bank Of The Ozarks Announced The Creation Of An Annual Cash-Based Incentive Bonus Plan For Hourly Employees Where They Are Eligible To Receive A Cash Reward Up To $1,200. (Press Release, “Bank of the Ozarks Announces Investment in Employees,” Bank Of The Ozarks, 12/28/17)
Bank Of The West
Bank Of The West Will Raise Its Minimum Wage To $15 An Hour As A Result Of Tax Reform. “Today Bank of the West announced it will increase the company’s minimum wage across the business to $15 per hour. The change will impact one-quarter of hourly team members, primarily in the Bank’s branches and call centers. The permanent increase will take effect on April 1 and is part of our long-standing commitment to reward our team members and attract the industry’s best talent. At more than double the federal minimum wage, the Bank’s new minimum wage is the result of a thorough internal review of the Bank’s business stemming from the federal tax reform recently completed by the U.S. Congress.” (Press Release, “Bank of the West Increases Company-Wide Minimum Wage to $15,” Bank Of The West, 2/8/18)
BB&T Corp. Announce That Nearly Three-Fourths Of Their Employees Will Receive A $1,200 Bonus Due To The Passing Of Tax Reform And They Will Also Raise Its Minimum Hourly Wage To $15 An Hour. (Richard Craver, “Banks plan bonuses, wage increases as a result of tax reform,” Martinsville Bulletin, 12/26/17)
Benchmark Auto Sales
Benchmark Auto Sales Used Tax Reform Savings To Offer Health Care To 100% Percent Of Its Employees. “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. … 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.” (Frank Kracher, “Asheville auto dealer employees get bonus they were not counting on,” WLOS, 1/26/18)
Beneficial Bancorp, Inc.
Beneficial Bancorp, Inc. Will Give A $1,000 Bonus To Over 600 Employees, Enhance Its Medical Coverage And Increase Its Minimum Wage to $14 An Hour. “Following the passage of H.R. 1 and the anticipated savings from lower future taxes, we announced a special $1,000 bonus paid to over 600 employees and enhanced our medical coverage to our entire employee base. We also evaluated the compensation of our hourly employees and raised our minimum hourly rate to $14.00.” (Press Release, “Beneficial Bancorp, Inc. Announces Quarter and Year End Results and Cash Dividend to Shareholders,” Beneficial Bancorp, Inc., 2/1/18)
Berkshire Hills Bancorp, Inc.
Berkshire Hills Bancorp, Inc. Will Raise Its Minimum Wage To $15 An Hours, Provide $1,000 Bonuses To Over 1,000 Employees, Enhance The Companies Employment Development And Training Program And Contribute $2 Million To The Berkshire Bank Charitable Foundation. “Berkshire Hills Bancorp, Inc. (NYSE: BHLB), the parent of Berkshire Bank, today announced additional investments in its employees and communities following the recent passage of federal tax reform legislation. These investments include: 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.” (Press Release, “Berkshire Hills Announces Employee and Community Investments,” Berkshire Hills Bancorp, Inc., 1/4/18)
Best Buy Co.
Best Buy Co. Will Be Giving Non-Salaried Full-Time Employees A $1,000 Bonus And Part-Time Employees A $500 Bonus. “Best Buy Co., the nation’s largest consumer electronics retailer, says it will be handing out bonuses to more than 100,000 employees, joining a list of companies sharing a portion of their windfall from the corporate tax reform law with employees. The Minneapolis-based chain says that this month it will pay one-time bonuses of $1,000 to full-time workers and $500 to part-time employees.” (Anne D’Innocenzio, “Best Buy to hand out bonuses to workers,” Associated Press, 2/2/18)
South Carolina Based Blackbaud Will Give All Employees $2,000 Worth Of Company Stock. “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. Blackbaud — the Charleston area’s biggest public company — says the one-time stock award caps a year in which profits soared nearly 80 percent thanks to an evolving business model with more double-digit growth on the horizon. But it credits the lower corporate tax rate in part for the bonus.” (Thad Moore, “Charleston-based Blackbaud giving most employees $2,000 in stock, citing federal tax cuts,” Post And Courier, 2/7/18)
Black Hills Energy
Nebraska Based Black Hills Energy Will Pass Savings From Tax Reform Onto Its Customers. “Many natural gas customers in Nebraska, including in Lincoln, are likely to see smaller bills because of the corporate tax rate cut passed by Congress last year. Nebraska Public Service Commission spokeswoman Deb Collins said both Black Hills Energy and Northwestern Energy have notified the commission that they intend to pass some of their tax savings on to ratepayers. Collins said the process is being done informally and details are still being worked out.” (Matt Olberding, “Corporate tax cut will mean lower gas rates for many in Nebraska,” Lincoln Journal Star, 1/13/18)
Louisiana Based Blessey Marine “Announced A Million In Benefits To Their Workers.” “Some Louisiana small business owners say they and their employees should benefit under new tax reform measures passed in Congress. … And Scalise says in spite of democratic opposition, many other American businesses should benefit as well from tax reform, including Blessey Marine in Elmwood. ‘They’ve already announced a million in benefits to their workers,’ said Scalise.” (“Louisiana business owners say they will benefit from tax reform,” WGCL, 1/4/18)
Blue Cross and Blue Shield of North Carolina
Blue Cross and Blue Shield of North Carolina Will Give Employees A $1,000 Bonus As Well As Offering Lower Rates To Customers Due To Tax Reform. “North Carolina’s largest health insurer said Thursday its windfall from the new federal tax cut will hold down rate increases in the future, but this year it will use it to give charities $40 million and pay employees a $1,000 bonus. Blue Cross and Blue Shield of North Carolina said it will give away millions this year for health initiatives and give bonuses to about 4,700 employees. The company said premiums are expected to keep rising, but by less than they would have after tax savings are applied to most policies in 2019.” (“NC Blue Cross: Tax cut will hold down rate increases, workers to get $1,000 bonuses,” Associated Press, 2/22/18)
Blue Hills Bancorp, Inc.
Blue Hills Bancorp, Inc. Will Give $1,000 Bonuses To All Employees Below The Title Of Assistant Vice President And Will Raise The Minimum Wage To $15 An hour. “In addition, and as a result of the Tax Act, 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. The linked quarter comparison also reflects a $200,000 increase in occupancy and equipment expense due mainly to non-capitalized equipment purchases made in the fourth quarter.” (Press Release, “Blue Hills Bancorp, Inc. Reports Fourth Quarter and Annual Earnings,” Blue Hill Bancorp, Inc., 1/29/18)
Blue Harbor Resort
Wisconsin Based Blue Harbor Resort Will Give Employees A $1,000 Bonus As A Direct Result Of The Tax Cuts And Job Act Of 2017. “Blue Harbor Resort announced Thursday their response to the signing of the Tax Cuts and Jobs Act of 2017 and their commitment to employee’s financial well-being. … 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 Harbor Resort Employees Get $1,000 Bonus,” My Sheboygan, 1/26/18)
BMO Harris Bank
BMO Harris Bank Will Raise It’s Minimum Wage To $15 An Hour As Well As Raising Its Community Giving By 10%. “BMO Harris Bank Tuesday joined other banks, like Green Bay-based Associated Bank, 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.” (David Schuyler, “BMO Harris Bank to raise minimum wage, charitable giving because of tax reform,” Milwaukee Business Journal, 1/30/18)
BNB Bank Will Increase Employee Minimum Wage From $13 To $15 An Hour Due To Tax Reform. “Two Long Island banks are boosting workers’ pay because of the tax overhaul. … Separately, Bridgehampton-based 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.” (David Reich-Hale, “Empire National, BNB to boost salaries in wake of tax overhaul,” Newsday, 1/30/18)
“Boeing CEO Muilenburg Applauds Tax Law, Announces $300 Million In Employee-Related And Charitable Investments To Spur Innovation And Growth.” (Press Release, “Boeing CEO Muilenburg Applauds Tax Law, Announces $300 Million In Employee-Related And Charitable Investments To Spur Innovation And Growth,” Boeing, 12/20/17)
Broadridge Financial Solutions
Broadridge Financial Solutions Announced An Increase In Minimum Wage To $15 An Hour, $1,750 Bonuses To Hourly Non-Management Associated And Will Be Enhancing Employee Benefits Including Expanding Parental Leave. “Broadridge Financial Solutions on Wednesday 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. Broadridge added that it was enhancing employee benefits, including adding vacation days for employees who have been at the firm fewer than five years. It was also expanding parental leave benefits.” (David Reich-Hale, “Broadridge Financial to boost pay in wake of tax overhaul,” Newsday, 2/8/18)
Brown-Forman Announced Benefits For Stockholders, Full Funding Of Its Pension Liability And $60-$70 Million In Charitable Giving. “Brown-Forman announced today that its Board of Directors has approved a number of capital deployment actions aimed at benefiting shareholders, employees, and the community. These actions include a stock split and a special dividend, as well as additional funding of the company’s defined benefit program and the creation of a charitable foundation. .. The stock split will be effected in the form of a dividend on both Class A and Class B common stock, payable in shares of Class B common stock. For every four shares of either Class A or Class B common stock held, shareholders of record as of the close of business on February 7, 2018 will receive one share of Class B common stock, with any fractional shares payable in cash. The additional shares and cash for fractional shares will be distributed to stockholders on February 28, 2018. Any future cash dividend declared will reflect the greater number of shares outstanding after. In addition, all per-share amounts in the company’s subsequent financial statements will reflect the stock split. … The company has also decided to fully fund its current pension liability of $120 million, further strengthening an important employee retirement benefit. Additionally, with the goal of helping to fund the company’s ongoing philanthropic endeavors in the communities where Brown-Forman employees live and work, the company is pursuing the creation of a foundation with a contribution of $60-$70 million. The company anticipates that the foundation’s proceeds will provide a consistent amount of revenue per year for its charitable giving program independent of the company’s yearly earnings.” (Press Release, “Brown-Forman Announces a Series of Beneficial Stakeholder Actions,” Brown-Forman, 1/23/18)
Bruns General Contracting
Bruns General Contracting Is Investing More Into Its Retirement Benefits For Employees. “U.S. Ohio Senator Rob Portman (R) made a stop in the Miami Valley for his Middle-Class Tax Reform Tour. Portman visited and took a tour of Bruns General Contracting in Tipp City Monday and talked to the employees. 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.” (Thea Emroll, “Senator Portman visits local business on his Tax Reform Tour,” WDTN, 1/15/18)
Canary LLC CEO Dan Eberhart Said “The GOP Tax Reform Bill Will Allow The Company To Hire More Employees And Buy More Equipment.” (John Kartch, “CEO: Tax bill allows us to hire more people, buy,” Americans For Tax Reform, 12/21/17)
Camden National Bank
Maine Based Camden National Bank Will Give Full-Time Non-Executive Employess A $1,000 Bonus And $750 Bonuses To Part-Time Employees. “At least one Maine company is passing on to its employees some of the money it is saving under the recently adopted Republican tax cuts. Camden National Bank said Thursday that next week it will give one-time bonuses of $1,000 to all non-executive full-time employees and $750 to all part-time employees in response to the recently enacted corporate tax cut. The total cost of those bonuses will be $620,000, it said.” (J. Craig Anderson, “Camden National Bank gets tax cut, and its employees get bonuses,” Portland Press Herald, 1/12/18)
Capital One Financial
“Capital One Financial Raises Minimum Wage.” (“Capital One Financial raises minimum wage,” CNBC, 1/11/18)
CarMax Inc. Will Provide Bonuses Up To $1,500 To Most Hourly And Commisioned Full-Time And Part-Time Employees. “CarMax, Inc. (NYSE:KMX), the nation’s largest retailer of used cars, announced plans to provide one-time bonuses to most hourly and commissioned full-time and part-time associates as a result of the recently passed Tax Cuts and Jobs Act of 2017. Bonus amounts will vary from $200 up to $1,500 based on length of service with the company.” (Press Release, “CarMax To Provide One-Time Bonus To Associates As A Result Of The Tax Cuts And Jobs Act Of 2017,” CarMax Inc., 2/23/18)
CarMax Inc. President And CEO Bill Nash: “We Are Always Looking For Ways We Can Support Them, And I’m Pleased To Have This Opportunity To Thank Associates For All That They Do Every Day For Our Customers And For Each Other.” “’Our success as a company is due to the hard work and dedication of our talented Associates,’ said Bill Nash, CarMax President and CEO. ‘We are always looking for ways we can support them, and I’m pleased to have this opportunity to thank associates for all that they do every day for our customers and for each other.’ About 80 percent of associates will receive the bonus, which will be distributed in March 2018.” (Press Release, “CarMax To Provide One-Time Bonus To Associates As A Result Of The Tax Cuts And Jobs Act Of 2017,” CarMax Inc., 2/23/18)
Carter’s Inc. Will Give Full-Time Employees “A Bonus Of Approximately 5% Of Base Salary” And Part-Time Employees “Approximately $100 Per Year Of Service With The Company.” “The Company’s provision for income taxes in the fourth quarter of fiscal 2017 includes a net tax benefit of $40.0 million related to the enactment of the Tax Cuts and Jobs Act of 2017. This net tax benefit consists of a $50.4 million benefit related to revaluation of the Company’s deferred tax assets and liabilities and a $10.4 million provisional estimate for additional tax expense related to accumulated earnings outside of the United States. Fourth quarter fiscal 2017 results also include pretax expense of $21.2 million for special compensation and related payroll taxes awarded as a result of this tax reform legislation. The nature of the special compensation includes: Cash bonuses to full-time and part-time global employees with one year of service, with full-time employees receiving a bonus of approximately 5% of base salary and part-time employees receiving approximately $100 per year of service with the Company. The Company’s leadership team will not receive these special bonuses. A 100% match of employee voluntary contributions to Company-sponsored retirement programs, subject to certain statutory thresholds and limits.” (Press Release, “Carter’s, Inc. Reports Fourth Quarter and Fiscal 2017 Results,” Carter’s Inc., 2/27/18)
Cedar Rapids Toyota
Cedar Rapids Toyota Gave All Full-Time Employees A $500 Bonus. “Cedar Rapids Toyota paid it forward. The car dealership off Boyson Road in Hiawatha expects to see a savings on its taxes under the federal tax reform bill, passed last month. Instead of investing in the facility or new equipment, the company invested in its people. 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.” (“Auto dealer gives bonuses from tax reform,” , 1/19/18)
Centaur Gaming Will Give All Full-Time, Part-Time And Seasonal Employees A $500 Bous Due to Tax Reform. “Centaur Gaming is reinvesting some of the money it will be saving under the Tax Cuts and Jobs Act back into its employees by giving them a $500 bonus. The president of the company, Jim Brown, announced at a meeting Wednesday morning that all full, part and seasonal employees would be receiving a one-time check for $500. The company will also be paying all taxes and the employee and company 401K portions of those bonus checks. Centaur Gaming has two large casinos in Shelbyville and Anderson. All employees at each casino will be receiving the bonuses.” (Katie Cox, “Centaur Gaming giving all employees in Shelbyville & Anderson $500 bonus checks because of tax cuts,” RTV6, 3/7/18)
Central Bank Of St. Louis
Central Bank Of St. Louis Will Give All Full-Time Employees A $1,000 Bonus And All Part-Time Employees A $500 Bonus. “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.” (Stephanie Baumer, “Central Bank Of St. Louis Employees Get Bonuses Thanks To New Federal Tax Reform,” KMOV, 1/5/18)
Central Pacific Bank
Hawaii Based Central Pacific Bank Announced Its Plan To Give All Of Their Employees A $1,000 Bonus While Also Raising The Minimum Wage To $15.25 An Hour. (Dave Segal, “Central Pacific Bank to give $1,000 bonuses, increase minimum wage,” Honolulu Star Advertiser, 12/25/17)
Charles R, Schwab Will Give 9,000 Non-Executive Employees A $1,000 Bonus And Will Add 1,200 Net New Employees Across All Locations. “President and CEO, Walt Bettinger commented, ‘In 2017, anticipating the tax law change and in response to the company’s strong financial performance and our employees’ unwavering commitment to clients, Schwab provided a special $1,000 bonus for about 9,000 non-executive employees. Based on the favorable environment, we also continued hiring staff across the firm’s geographic locations, adding over 1,200 net new employees, and we allocated part of our 11% overall spending increase to support client service efforts and continue to build out new business centers in Austin and Dallas that will allow us to house over 4,000 new employees in the next two years. Additionally, we expanded parental leave benefits for all Schwab employees and increased the annual corporate contribution to philanthropy to benefit our local communities.’” (Press Release, “The Charles Schwab Corporation Anticipates Economic Strength in 2018,” Charles R. Schwab, 1/25/18)
Charlotte Pipe And Foundry Company
All Charlotte Pipe And Foundry Company Employees Will Receive A $1,000 Bonus Due To Tax Reform. “As an expression of gratitude for our associates’ hard and productive work in 2017, 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. This bonus will be payable by March 15, 2018. We are excited to share the benefits of our associate’s diligent efforts, loyalty, and dedication to Charlotte Pipe, and the benefits that will accrue from The Tax Cuts and Jobs Act.” (Press Release, “Charlotte Pipe Associates To Receive Special $1,000 Bonus,” Charlotte Pipe And Foundry Company, 1/8/18)
Charter Communications Will Raise Its Minimum Wage To $15 An Hour Due To Tax Reform. “All Charter Communications employees will be paid a minimum wage of at least $15 an hour within the next year due to Trump’s tax reform legislation, the company announced. ‘Charter’s workforce is key to the success of our company.’ Charter CEO Tom Rutledge said in a statement. ‘Our commitment to pay every employee at least a $15 per hour income will enhance our efforts to develop our highly-skilled, diverse and locally based workforce, improving their lives and the lives of the customers they serve.’” (Erin Edgemon, “Charter to increase minimum wage to at least $15 an hour,” Al.com, 2/5/18)
Chipotle Mexican Grill
Chipotle Mexican Grill Will Give Its 71,000 Employees Benefits Including Special Cash And Stock Bonuses, Enhanced Parental Leave And Qualified Employees Will Get A $1,000 Bonus. “Chipotle Mexican Grill (CMG) became the latest company to enhance compensation after the tax cut enacted in December. The company is rolling out benefits reaching all of its 71,000 employees, including special cash and stock bonuses and enhanced paid and parental leave. Qualified hourly employees and salaried restaurant employees will receive a special one-time cash bonus of up to $1,000, and some staff employees will receive a one-time stock grant.” (“Chipotle rolls out new benefits, cash bonuses due to tax cut,” FOX Business, 2/7/18)
Cigna Will Raise Its Minimum Wage To $16 An Hour And Will Raise Its Contributions To Employee Retirement Plans. “Health insurer Cigna announced Thursday it will increase the minimum wage for its employees to $16 an hour and raise contributions to retirement accounts thanks to the passage of the Republican tax law signed by President Trump late last year. The total cost invested in higher wages, mostly for frontline employees, will be $15 million, and $30 million for its additional 1 percent match to the 401(k) program. Cigna credited the freed up funds with the tax law, which reduced the corporate tax rate from 35 percent to 21 percent. More than 30,000 of the company’s workers are expected to benefit from the increased contribution to retirement funds.” (Kimberly Leonard, “Cigna raises wages, benefits following tax law,” Washington Examiner, 2/1/18)
Cisco Systems Inc. Will Repatriate $67 Billion In Foreign Cash Holdings Due To Tax Reform. “Cisco Systems Inc. is the latest technology giant to bring home huge sums of cash held overseas, a beneficiary of the new U.S. tax law. The networking-gear maker said Wednesday it would repatriate $67 billion of its foreign cash holdings to the U.S. this quarter, in one of the largest repatriation plans yet revealed.” (Austen Hufford And Jay Greene, “Cisco to Bring $67 Billion to U.S. After New Tax Law,” The Wall Street Journal, 2/14/18)
West Virginia Based Citizens Bank Will Give Employees A $1,000 Bonus As A Result Of Tax Reform. “Citizens Bank of West Virginia issued a bonus of $1,000 to each of their 66 employees, joining a number of U.S. companies to pass along savings from the federal tax reform to its staff. The announcement was made in a surprise staff meeting by the bank’s president & chief executive officer.” (Press Release, “Citizens Gives $1000 Bonuses to Employees,” Citizens Bank Of West Virginia, 2/20/18)
Citizens Financial Group
Citizens Financial Group, The 12th Largest Retail Bank In The U.S., Announced It Will Be Giving $1,000 Bonuses To 7-% Of Its Workforce Due To The Passage Of Tax Reform. (Sean Higgins, “Citizens Financial Group awards $12.5 million in bonuses, citing tax reform,” Washington Examiner, 1/4/18)
Clayton Distillery Will Use Savings From Tax Reform To Invest Back Into Their Busines. “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. … Mr. Aubertine, who co-owns the Clayton Distillery, pays about $40,500 in excise taxes annually for the 3,000 gallons of spirits he produces at $13.50 per proof gallon. The tax reform, however, will reduce his expense to about $8,100 when it takes effect in 2018, which encouraged him to install upgrades to his facility at 40164 Route 12. ‘We’re basically investing back into the business,’ he said. ‘The tax plan — it also lets us write off some of the supplies a little bit differently.’” (Marcus Wold, “Craft beverage industry gets helping hand from tax reform,” Watertown Daily Times, 12/28/17)
Louisiana Based Utilities Company Cleco Plans To Pass Its Savings From Tax Reform Onto Its Customers. “Today, Cleco confirmed it will pass along savings to customers related to the recent tax reform. The Tax Cuts and Jobs Act, which was signed into law on Dec. 22, 2017 and became effective on Jan. 1, 2018, decreased the federal corporate tax rate from 35 percent to 21 percent, reducing the amount of federal income tax Cleco will have to pay. “’Since January 1, Cleco has been accruing the money collected from customers due to the change in the tax law with the expectation that it will be returned to customers,’ said Terry Taylor, Cleco chief financial officer. ‘In our ongoing commitment to customer affordability, we are working closely with the Louisiana Public Service Commission (LPSC) on how the tax changes will be reflected in customer rates.’” (Press Release, “Cleco providing savings to customers from corporate tax decrease,” Cleco, 2/22/18)
CMUV Bancorp Will Give Each Employee A $500 Bonus And It Has Enhanced Employee Education And Training Programs. “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.” (Press Release, “Community Valley Bank Produces Record Numbers for Year End 2017,” CMUV Bancorp, 1/29/18)
Comcast NBCUniversal “Announces Special Bonus and Capital Investments” Due To Tax Reform Bill Passage. (Press Release, “Comcast Announces Special Bonus And Capital Investments,” Comcast NBCUniversal, 12/21/17)
Illinois Based ComEd Will Pass Approximately $200 Million In Savings From Tax Reform Onto its Customers. “Today 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.” (Press Release, “ComEd Filing to Provide Savings to Customers from Corporate Tax Decrease,” ComEd, 1/5/18)
“Comerica Announces Increase In Its Minimum Wage To $15 Per Hour And $1,000 Bonus To 4,500 Non-Officer Colleagues.” (Press Release, “Comerica Announces Increase In Its Minimum Wage To $15 Per Hour And $1,000 Bonus To 4,500 Non-Officer Colleagues,” Comerica Incorporated, 12/29/17)
Commerce Bancshares Is Giving All Full-Time Employees A $1,000 Bonus And Eligible Part-Time Employees A $250 Bonus Due To The Passage Of Tax Reform. (“Commerce Bancshares giving employees $1,000 bonus, citing tax cut,” St. Louis Post-Dispatch, 1/2/18)
Community Trust Bancorp Inc.
Kentucky Based Community Trust Bancorp, Inc. Announced It Will Provide All Full-Time Employees With A $1,000 Bonus And All Part-Time Employees With A $500 Bonus Due To The Passage Of Tax Reform. (Press Release, Community Trust Bancorp gives bonus to employees; cites new tax law,” Community Trust Bank, 12/26/17)
Computer Services Ins.
Kentucky Based Computer Services Ins. Will Give Full-Time, Non-Executive Employees A $1,300 Bonus And Part-Time Employees A $650 Bonus As A Result Of Tax Reform. “As a result of the reduced corporate tax rate effective with the Tax Cuts & Jobs Act (TCJA), Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider of end-to-end financial technology solutions, is using its financial savings to reinvest in its employees and infrastructure. Recognizing the opportunity brought about by the TCJA, CSI is investing a portion of its corporate tax savings with its employees. Non-executive full-time employees with the company more than 12 months will receive a one-time $1,300 cash bonus in March. Part-time and other employees with the company less than 12 months will receive a one-time cash bonus of $650 also in March. The company also stated that all eligible employees will receive an additional one-time contribution to their retirement plan.” (Press Release, “CSI Reinvests in Workforce and Infrastructure with Corporate Tax Savings,” Computer Services Inc., 3/5/18)
Consumers Energy: “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.” “’Today, 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.’” (Press Release, “Consumers Energy Puts Customers First on Tax Reform,” Consumers Energy, 1/19/18)
Cooperstown Environmental LLC
Cooperstown Environmental LLC Will Be “Doubling The Company-Paid Contribution To Each Employee’s Retirement Saving Account.” “Cooperstown Environmental LLC recently announced that it was joining the growing list of companies across the country that are taking steps to share the fruits of the recent tax reform passed by Congress with its employees. Specifically, as a Limited Liability Company (LLC), Cooperstown expects to benefit from the deduction allowed for pass-through entities. Cooperstown Managing Principal Susan D. Curtis told employees that the company, effective immediately, was doubling the company-paid contribution to each employee’s retirement saving account. Additional steps to increase compensation, increase benefits, and improvements are being contemplated as the specifics of the tax reduction measures become clear.” (Press Release, “Cooperstown Sharing Benefits of Corporate Tax Cuts with Employees,” Cooperstown Environmental LLC, 2/7/18)
Copperleaf Assisted Living
Wisconsin Based Copperleaf Assisted Living Announced It Will Hand Out $60,000 In Bonuses To Employees Which Is Equal To The Entire Amount Of Savings They Would See Under The New Tax Reform Laws. (Mark Treinen, “Wisconsin business to award $600 bonuses to employees based on tax cuts,” USA Today, 12/22/17)
CUNA Mutual Group
Due To Tax Reform CUNA Mutual Group Was Able To Donate $20 Million To Its Philanthropic Foundation, Its Largest Donations Ever. “CUNA Mutual Group said Tuesday the company is making its largest contribution ever to its philanthropic foundation, a $20 million donation made possible in part by federal tax reform. The contribution increases CUNA Mutual Group’s long-term commitment to the communities and financial services industry it serves, the Madison-based company said. The CUNA Mutual Group Foundation supports nonprofit organizations that address economic challenges, education disparities and equity issues facing many communities, the company said.” (Paul Gores, “CUNA Mutual Group gives $20 million to its philanthropic foundation,” Journal Sentinel, 2/13/18)
CUNA Mutual Group President And CEO Robert N. Trunzo: “There are thousands of people in our communities struggling to make ends meet, and as one of Wisconsin’s largest employers, we want to make a real difference with this tax relief opportunity.” (Paul Gores, “CUNA Mutual Group gives $20 million to its philanthropic foundation,” Journal Sentinel, 2/13/18)
Pennsylvania Based Customers Bank Will Raise Its Minimum Wage To $15 An Hour, Increase Its Charitable Giving By $1 Million Dollars And Offer Customers A Bonus Checking Account That Earns 2% interest. “Customers of a Berks County-based bank are being offered the opportunity to benefit from the tax reform bill signed into law by President Trump late last year. 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. … 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.” (“Berks bank to share tax savings with customers, community,” WFMZ, 1/5/18)
CVS Health Crop.
CVS Health Crop. Will Up Its Starting Hourly Pay To $11 An Hour And Offer All Full-Time Employees Four Weeks Of Paid Parental Leave. “CVS Health Corp. said it will use some of the extra cash from the U.S. tax overhaul to raise its starting hourly pay to $11 for U.S. workers, the latest company to announce employee perks in the wake of the legislation. The company, with 240,000 U.S. workers, currently pays a starting wage of $9 an hour, though many employees make more. It said that in addition to raising the minimum, it will increase pay for lower-wage retail workers at its nearly 10,000 U.S. stores. CVS didn’t provide an average increase. … CVS also will offer all full-time employees four weeks of paid parental leave and will freeze employee health premiums for the coming year. About 100,000 workers are enrolled in CVS’s employee health plan.” (Sharon Terlep, “CVS to Raise Starting Pay to $11 an Hour,” The Wall Street Journal, 2/8/18)
Dayton T. Brown Inc.
Dayton T. Brown Inc., An Engineering And Testing Company, Announce It Will Give Each Of Its Employees A $400 Bonus. (Tory N. Parrish, “Bohemia firm to pay $400 bonus to workers after tax reform,” Newsday, 12/22/17)
Darden Restaurants Said It Will Spend An Additional $20 Million On Its 150,000 Plus Employees Due To Tax Reform. “Restaurant companies are joining the corporate chorus rushing to praise the tax bill Congress passed last month as Orlando-based Darden Restaurants said the legislation will save it about $70 million. Olive Garden and LongHorn Steakhouse parent company Darden Restaurants said the new tax reform plan will cut taxes by about $70 million in the third quarter. 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.” (Kyle Arnold, “Darden says tax reform will save it $70 million,” Orlando Sentinel, 1/8/18)
Data Sales Co., Inc.
Data Sales Co., Inc. Will Give All Employees A $1,000 Bonus As A Result Of Tax Reform. “Data Sales Co., Inc. announced today 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.” (Press Release, “Data Sales Co., Inc. To Pay $1,000 Bonus To All Employees After Tax Reform Bill,” Data Sales Co., Inc., 1/22/18)
Delaware Supermarkets Inc.
Delaware Supermarkets Inc. Will Give 1,000 Non-Management And Union-Represented Employees A $150 Bonus And Reinvest $150,000 Into Employee Training And Development Programs. (“Local Shoprite owner to hand out $150 bonus after passage of tax bill,” Delaware Business Now, 12/28/17)
Idaho Based DePatco Has Announced It Will Give All Employees Bonuses As A Direct Result Of Tax Reform. (Blog, “Tax Reform Bill Bonus Challenge,” DePatco, 1/4/18)
Dime Community Bancshares Inc.
Dime Community Bancshares Inc. Will Give All Non-Executive Employees A $1,000 Bonus As A Result Of Tax Reform. “The tax reduction represents an opportunity to build our business and to stimulate economic growth, and that is what we intend to do. Dime will: … 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. No increases in base compensation resulting solely from the tax benefit are being considered, as Dime has long maintained market competitive compensation throughout the organization, and well in excess of statutory “minimum wage” levels.” (Press Release, “Dime Community Bank Putting Tax Savings Back Into the Economy,” Dime Community Bancshares, Inc., 1/5/18)
Discover Will Raise Its Minimum Wage To $15.25 An Hour For Nearly All Full-Time Employees And Will Give More Than 15,000 Non-Executive Employees A $1,000 Bonus. “Discover today 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. The company plans to make additional investments in its people and will increase corporate responsibility efforts in the communities in which it operates.” (Press Release, “Discover Further Invests in Its Workforce: Raises Hourly Pay; Grants $1,000 Bonuses to More Than 15,000 Employees as Part of Tax Relief Measures,” Discovery, 1/24/18)
The Walt Disney Company Will Give “More Than 125,000 Eligible Employees Will Receive A One-Time $1,000 Cash Bonus” And Invest $50 Million Into Ongoing Education Program Designed To Cover Tuition Costs For Hourly Employees. “Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company, today announced, more than 125,000 eligible employees will receive a one-time $1,000 cash bonus. The Company will also make an initial investment of $50 million in a new and ongoing education program specifically designed to cover tuition costs for hourly employees. The two new initiatives are a result of the recently enacted tax reform and represent a total allocation of more than $175 million in this fiscal year.” (Press Release, “125,000 Disney Employees To Receive $1,000 Cash Bonus And Company Launches New $50 Million Higher Education Program,” The Walt Disney Company, 1/23/18)
Dohrn Transfer Will Give All 1,200 Employees A $1,000 Bonus Due To Tax Reform. “At least one Quad-Cities company is already giving out bonuses due to the recent federal tax-cut savings. Dohrn Transfer, with its 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. About 350 of those work here.” (Jim Meenan, “Tax cut results in $1,000 bonus for Dohrn employees,” Rock Island Dispatch Argus, 2/1/18)
Dollar Tree, Inc. Will Invest $100 Million On More Training For Associates, Increasing The Average Of Hourly Rates, Increase Contributions To The Defined Contribution Plan And To Establish Paid Maternity Leave. “As noted previously, the Company benefited in the fourth quarter and fiscal 2017 with respect to the TCJA. The Company expects to continue to benefit going forward and currently estimates the benefit to be approximately $250 million for fiscal 2018. As a result of the estimated cash benefit, the Company plans to invest approximately $100 million through the following actions: Invest in stores with more hours, including training for associates, Invest in people with increased average hourly rates, Add Family Dollar eligible associates to the Defined Contribution Plan starting in fiscal 2017 and increase contributions in fiscal 2018, and Establish paid maternity leave for eligible associates. The expected impact of these investments in the business is included in our Company Outlook.” (Press Release, “Dollar Tree, Inc. Reports Record Fourth Quarter and Fiscal 2017 Results,” Dollar Tree, Inc., 3/7/18)
Don Ramon Restaurant
Don Ramon Restaurant In Florida Will Give Employees Bonuses And Pay Increases Due To Tax Reform. “Under our new tax code, Apple recently announced plans to invest $30 billion in the U.S. economy over the next five years, which would create more than 20,000 jobs. But America’s largest corporations aren’t the only beneficiaries of tax cuts. Small-business owners, who account for two-thirds of new jobs in this country, are also using their tax savings to make new investments and reward their hardworking employees. I’m one of them. As the owner of Don Ramon Restaurant in West Palm Beach, I know the positive impact of small business better than most. … Perhaps most important, all of our key employees received generous bonuses in December, and they will also see pay increases in the coming weeks.” (Dina Rubio, “POINT OF VIEW: Tax cuts have already helped small businesses like mine,” Palm Beach Post, 2/3/18)
“DTE Energy Says Rates Will Go Down Due To New Tax Reform.” “DTE Energy announced that rates in Michigan will go down due to the recent tax reform signed into law before the end of the year. According to DTE, the passage of the Federal Tax Cuts and Jobs Act will offer benefits to energy companies across the country, including DTE customers in Michigan … This year, DTE says there will be a savings of around $190 million. According to the company, the average customer will see a reduction around three percent.” (Staff, “DTE Energy Says Rates Will Go Down Due To New Tax Reform,” WXYZ, 1/23/18)
Duke Energy Florida
Duke Energy Florida Will Using Tax Reform Savings To Avoid An Increase In Customers Energy Rates. “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.” (Press Release, “Duke Energy Florida customers will not see rate increase for Hurricane Irma and related $513-million in storm costs,” Duke Energy Florida, 1/24/18)
Dyersville Die Cast
Dyersville Die Cast Will Give All Full-Time Employees A $200 Bonus And Will Give All Full-Time Hourly Employees A $50 Monthly Bonus For At Least The Next Twelve Months. “Dyersville Die Cast employees will be getting bonuses thanks to the recently passed tax reform bill. Full-time employees who were with the company prior to Oct. 1, 2017 will receive a $200 bonus on March 9. But, that’s not all. All full-time, hourly employees will also be receiving $50 monthly bonuses for at least the next 12 months. In addition, employees will still receive their regular “profit bonus” in June, according to General Manager Bob Willets. The big news is thanks to that fact that Dyersville Die Cast is slated to save approximately $200,000 thanks to the new tax law, and have decided to dole out $150,000 of that to its workers.” (Dylan Kurt, “Local business to shell out $150,000 in bonuses,” Dyersville Commercial, 2/21/18)
Missouri Based Dynamic Fasteners Will Give Employees Up To $1,000 In Bonuses, $200 For Each Year They’ve Been With The Company. “As workers across the nation anticipate taking home more money in their pay next month as a result of federal tax reform, a company here is joining a growing number of businesses in paying its employees a tax cut bonus. Tax reform benefits are reaching ordinary workers at Dynamic Fasteners. The company sells sheet metal screws and rivets for metal buildings. And the owner anticipates more metal structures being built as the economy takes off. … ‘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.’” (John Pepitone, “Raytown company pays workers a tax reform bonus,” FOX 4, 1/24/18)
Minnesota Based EcoLab “Announced Its Intent To Make A $25 Million Contribution To The Ecolab Foundation” In Response To The Passage Of The Tax Cuts And Job Act. “In response to the passage of the new U.S. tax law, Ecolab announced its intent to make a $25 million contribution to the Ecolab Foundation. Since 1986, the Ecolab Foundation has contributed more than $100 million to communities in which we do business by providing basic needs, including hunger relief and affordable housing; supporting education, the arts and environmental conservation; as well as providing support to global relief organizations during times of natural disasters.” (Press Release, “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,” EcoLab, 1/23/18)
Elmer Smith Oil Company, Domino Transports, Inc. & Domino Food And Fuel, Inc.
More Than 300 Elmer Smith Oil Company, Domino Transports, Inc. And Domino Food And Fuel, Inc. Employees Will Receive A Bonus Due To Tax Reform. “Elmer Smith Oil Company, Domino Transports, Inc. and Domino Food and Fuel, Inc. employees will receive a bonus before the end of the year, President Martin Smith said on Wednesday. Smith said the bonuses are being paid from expected tax savings in 2018 and a very successful 2017. ‘Our employees have worked really hard the past year growing our company, we opened 3 new stores in the past 12 months and grew the size of Domino Transports, Inc. by more than 35%. The bonus will be paid to more than 300 employees. Smith said that he believes Congress passed the tax reform legislation to allow companies to have more cash to invest and grow the economy.” (“Company announces $100,000 in bonuses,” Shawnee News-Star, 12/29/17)
El Paso Electric
El Paso Electric Customers Will See A Refund Credit On Their Bills Due To Tax Reform. “El Paso Electric (EPE) was one of the first utilities in the state of Texas to address and identify a mechanism to refund Texas customers due to the reduction in the federal income tax rate. 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.” (Press Release, “EPE to Refund Customers in Texas Due to New Tax Rate,” El Paso Electric, 1/23/18)
EMKAY, Inc. Announce All Full-Time Employees Will Receive A $1,000 Bonus In Response To Tax Reform. (Press Release, “EMKAY Uses Tax Reform to Reward Employees,” EMKAY, Inc., January 2018)
Empire National Bank
Empire National Bank Will Increase Salaries By 5%, Up Its 401(k) Match Program And Will Give Non-Exevutive Employees A $1,000 Bonus. “Two Long Island banks are boosting workers’ pay because of the tax overhaul. 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.” (David Reich-Hale, “Empire National, BNB to boost salaries in wake of tax overhaul,” Newsday, 1/30/18)
Texas Based Ennic, Inc. Will Give $500 Bonuses To More Than 2,000 Non-Management Employees. (Press Release, “Ennis, Inc. Announces Employee Bonus And Declares Special Dividend,” Ennis, Inc., 12/22/17)
Entergy Louisiana Will Pass Savings From Tax Reform Onto Customers Through Lower Rates. “The million customers of Entergy Louisiana could see their monthly bills drop by about $4 per month if the Public Service Commission heeds the request of Gov. John Bel Edwards and lowers rates to match savings from the federal tax rewrite. … Businesses would receive about a 14 percent reduction in tax rates under the recently signed federal “Tax Cut and Jobs Act,” a savings that should translate in Louisiana utility customers paying less, Edwards wrote.” (Mark Ballard, “PSC commissioner: If Louisiana energy companies get a tax break, they need to pass it down to customers,” The Advocate, 1/4/18)
Entergy Mississippi, Inc Plans To Pass Savings From Tax Reform Onto Customers Through “Short-Term Bill Credits, Long-Term Rate Reductions And Alleviation Of Some Future Rate Increases.” “In cooperation with the Mississippi Public Service Commission, Entergy Mississippi, Inc. today filed its preliminary plan for implementing tax reform. The formal plan will be filed in mid-March as part of the company’s annual rate filing. If approved by the MPSC, the multi-million dollars in tax savings will benefit customers in three ways: short-term bill credits, long-term rate reductions and alleviation of some future rate increases.” (Press Release, “Entergy Mississippi Files Initial Plan to Pass Millions in Tax Savings to Customers,” Entergy Mississippi Inc., 2/26/18)
ES Bancshares, Inc.
ES Bancshares, Inc. Will Give Full-Time Employees A $500 Bonus And Part-Time Employees A $250 Bonus.“ES Bancshares., Inc the parent company of Empire State Bank, announced December 21, 2017 that due to the signing into law the tax reform legislation which provides a reduction of corporate tax rates from 35% to 21% , it will be investing into its most valuable asset, its employees. 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.” (Press Release, “Press Release – Tax Reform: Shareholders, Employees And Communities All Winners,” ES Bancshares., Inc., 1/2/18)
ES Bancshares President And COO Thomas Sperzel: “’We Will Be Adding At Least 10 New Jobs And Expanding Our Footprint In The Staten Island And Brooklyn Communities.’” (Press Release, “Press Release – Tax Reform: Shareholders, Employees And Communities All Winners,” ES Bancshares., Inc., 1/2/18)
Evans Bancorp, Inc.
Evans Bancorp, Inc. Will Provide All Non-Senior Level Associates A $1,000 Bonus As Well As making A $300,000 Contribution To Its Foundation. “Evans Bancorp, Inc. (the “Company”) (NYSE American: EVBN), a community financial services company serving Western New York since 1920, today announced a number of investments, continuing a pattern of support for its employees and the communities it has served and invested in for almost a century. These investments are being made in conjunction with expected improvements in after-tax income as a result of Federal tax reform in the Tax Cuts and Jobs Act. … 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.” (Press Release, “Evans Expands Investments in Employees and the Community,” Evans Bancorp, Inc., 1/31/18)
Express Employment Professionals
Oklahoma Based Express Employment Professionals Announced They Will Give All Nonexecutive Employees A $2,000 Bonus. (Adam Wilmoth, “Express Employment Professionals giving $2,000 bonuses, citing tax reform,” Tulsa World, 12/27/17)
Express Scripts Employees Will Create A $30 Million Education Fund For Employees Children And Will Give Employees A Bonus Of Up To $2,000. “Express Scripts employees will receive a one-time bonus thanks to the federal tax reform bill, executives told investors Wednesday morning during a conference call. The average bonus will be about $1,200, Tim Wentworth CEO of Express Scripts said. The company will also create a $30 million education fund for employees’ children. The fund will assist with paying for college and vocational training. Bonuses for non-executive employees will range from $500 to $2,000 depending on an employees’ tenure with the company.” (Samantha Liss, “Express Scripts giving employee bonuses averaging $1,200 following impact from tax law,” St. Louis Post-Dispatch, 2/28/18)
Everett J. Prescott Inc.
Everett J. Prescott Inc. Will Give All Employees With At Least One Year Of Service A $1,000 Bonus And Those With Less Than A Year Of Service A $250 Bonus. “A Maine company says 300 employees will receive bonuses following changes to the federal tax code enacted at the end of 2017. Everett J. Prescott Inc., a Gardiner-based waterworks materials company, says the bonuses will arrive Monday. The Kennebec Journal reports CEO Peter Prescott said Friday that many employees will receive a $1,000 bonus. He says employees with less than a year of service will still receive a $250 bonus. The family-owned company employs about 300 people across 26 locations in New England, New York, Ohio and Indiana. Prescott says the average tenure of an employee is 20 years. The new federal tax legislation, which went into effect on Jan. 1, cut the corporate tax rate from 35 percent to 21 percent.” (“Maine Company to Give Employee Bonuses From Federal Tax Overhaul,” Associated Press, 3/5/18)
Eversource, A Massachusetts Based Energy Company, Announced It Will Apply To Lower Its Energy Rates For Customers As A Direct Result Of Tax Reform. “Some Eversource customers who braced for higher charges could end up paying less for their electricity after the energy company proposed changes based on the new federal tax law. Eversource anticipates paying millions of dollars less in taxes under the tax law President Trump signed in December, which reduces the corporate income tax rate from 35 percent to 21 percent. … The Department of Public Utilities in November approved a rate increase of $12.2 million for Eversource customers in eastern Massachusetts and approximately $24.8 million for western Massachusetts. Eversource is now proposing to lower its existing rates for eastern Massachusetts by $35.4 million, along with a smaller hike of $16.5 million for its customers in the western part of the state.” (Katie Lannan, “With Benefit From New Tax Law, Eversource Says It Will Lower Rates For Mass. Customers,” WBUR, 1/4/18)
ExxonMobil Plans To Invest “More Than $50 Billion Over The Next Fice Years” To Expand Their Business In The United States. “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. … The recent changes to the U.S. corporate tax rate coupled with smarter regulation create an environment for future capital investments and will further enhance ExxonMobil’s competitiveness around the world. We’re actively evaluating the impact of the lower tax rate on the economics of several other projects currently in the planning stages to further expand our facilities along the Gulf Coast. Good to see sound policy laying the groundwork for America’s future economic success.” (Darren Woods, “Tax and regulatory reform’s economic boon,” ExxonMobil, 1/29/18)
Indiana Based Family Express Will Be raiding Its Minimum Wage To $11 An Hour Due To Tax Reform. “Valparaiso-based 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.” (Joseph S. Pete, “Family Express raises starting pay to $11 an hour,” Northwest Indiana Times, 2/5/18)
FedEx Corporation Press Release: “FedEx Committing More Than $3.2 Billion In Wage Increases, Bonuses, Pension Funding And Expanded U.S. Capital Investment Following The Passage Of The Tax Cuts And Jobs Act.” “FedEx Corporation is announcing three major programs today following the recently enacted U.S. Tax Cuts and Jobs Act: 1) 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. 2) 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. 3) 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. FedEx believes the Tax Cuts and Jobs Act will likely increase GDP and investment in the United States.” (Press Release, “Fedex Committing More Than $3.2 Billion In Wage Increases, Bonuses, Pension Funding And Expanded U.S. Capital Investment Following The Passage Of The Tax Cuts And Jobs Act,” Fedex Corporation, 1/26/18)
FedEx CFO Alan Graf: “If GDP Rises As A Result Of Tax Reform “We Would Likely Increase Capital Expenditures And Hiring.” (CNBC’s “Squawk Box”, 12/20/17)
Fiat Chrysler Automobiles
Fiat Chrysler Automobiles Announced It Will Modernize A Detroit Plant And Add 2,500 Jobs, Move Production Of Its Ram Heavy Duty Trucks From Mexico Back To Detroit And Give $2,000 Bonuses To 60,000 Employees Due To Tax Reform. “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 Thursday evening 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.” (Eric D. Lawrence, “Fiat Chrysler will invest $1B in Warren Truck plant; bring Ram work back from Mexico,” Detroit Free-Press, 1/11/18)
Fifth Third Bancorp
“Approximately 75 Percent Of Employees Will Receive A Pay Increase Or Bonus.” (Press Release, “Fifth Third Bancorp Invests In Employees,” Fifth Third Bankcorp. 12/20/17)
First Bank And Trust Company
Virginia Based First Bank And Trust Company: “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.” (“Additional Announcements of Post-Tax Reform Bank Actions,” ABA Banking Journal, 1/22/18)
FirstCapital Bank Of Texas
FirstCapital Bank Of Texas Will Give A $500 Bonus To 197 Employees. (“Banks Announce Wage Hikes, Charitable Contributions after Tax Reform Bill Passes,” ABA Banking Journal, 12/20/17)
First Communications Will Give All Full-Time Employees A $1,000 Bonus Due To The Passing Of Tax Reform. “When Julia Mueller learned her employer is going to give $1,000 bonuses to her and her co-workers this year, she had an immediate reaction: Tears. … Mueller and all other full-time employees of the telecommunications company will get $1,000 bonuses in April that the business says stem from recently enacted federal tax reform. First Communications said lowering the corporate tax rate from 35 to 21 percent is allowing the company to better invest in employees, in product development and in the local community. The company offers data networking, cloud, voice and managed services throughout the Midwest.” (Jim Mackinnon, “Bringing the bonus home: How a local business pays forward Trump’s corporate tax cuts,” Akron Beacon Journal, 3/11/18)
First Farmers Bank & Trust
First Farmers Bank & Trust Announced It Will Raise Their Minimum Wage By $2.50 And Provide A $750 Year End Bonus To All Full-Time Employees. (Press Release, “First Farmers Announces Employee Wage Raise And Community Investment Program,” Farmers First Bank & Trust, 12/26/17)
First Financial Bancorp
First Financial Bancorp Will Raise The Minimum Wage To $15 An hour And Will Make A $3 Million Contribution To Its Newly Established Charitable Foundation. “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 strives to provide fair and competitive salaries and benefits to its associates. Approximately 1,335 associates are employed throughout the First Financial footprint in Ohio, Indiana and Kentucky. The increase will affect 220 of these associates.” (Press Release, “First Financial Announces Pay Increase for Hourly Associates and Major Contribution to Foundation,” First Financial Bancorp, 1/3/18)
First Financial Northwest, Inc.
First Financial Northwest, Inc. Announced It Will Give $1,000 After Tax Bonuses To All Of Its Non-Executive Employees. (Press Release, “First Financial Northwest, Inc. Announces Special Tax Reform Bonus for Employees,” First Financial Northwest, Inc., 1/2/18)
First Hawaiian Bank
First Hawaiian Bank Will Give $1,500 Bonus To 2,264 Employees And Will Raise Minimum Wage To $15 An Hour. (Dave Segal, “Bankoh, First Hawaiian to give most employees bonuses, raise minimum wage,” Honolulu Star Advertiser, 12/22/17)
First Horizon National Corp.
First Horizon Announces $1,000 Bonuses Due To Tax Reform (“First Horizon Announces Bonus For Employees,” First Horizon National Corp., 12/27/17)
First Merchants Corporation
First Merchants Corporation Will Raise Minimum Wage To All Hourly Employees By $1 And Will Give All Associates Excluding Senior Management A $500 Bonus. “First Merchants Corporation (NASDAQ:FRME) announced today 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. The compensation investments will impact nearly 90 percent of First Merchants’ 1,700 employees and will be in addition to the company’s existing incentive programs and annual merit increases.”
First Midwest Bancorp, Inc.
Illinois Based First Midwest Bancorp, Inc. Will Increase Minimum Wage To $15 An Hour, Bonuses For Employees Of Up To $1,035 And A $2 Million Contribution To The First Midwest Charitable Foundation. “First Midwest Bancorp, Inc. (“First Midwest”) (NASDAQ:FMBI), the holding company of First Midwest Bank, announced today expanded investments in its colleagues and communities. These investments include the following: An increase in our minimum pay rate to $15 for hourly employees; A special bonus up to $1,035 to nearly 85% of our colleagues; and A $2 million contribution to the First Midwest Charitable Foundation.” (Press Release, “First Midwest Bancorp, Inc. Announces Expanded Investment in Colleagues and Communities,” First Midwest Bancorp, Inc., 1/11/18)
First Northern Bank
First Northern Bank Will Give Employees A $1,000 Bonus As Well As Increasing Its Starting Wage By $2 An Hour. “Louise Walker, President & Chief Executive Officer of First Northern Community Bancorp and First Northern Bank, is pleased to announce on the Bank’s 108th anniversary, that the recent passing of the Tax Cuts and Jobs Act (tax reform) will provide First Northern with an opportunity to invest in one of its most valuable assets, its employees. First Northern is providing a one-time cash bonus of $1,000 to all of its employees; executive management is excluded. The Company is also increasing its starting wage by $2 per hour.” (Press Release, “First Northern Bank Invests Tax Savings,” First Northern Bank, 2/1/18)
First Southwest Bank
First Southwest Bank Will Raise Its Starting Wage To $14 An Hour Plus Full Benefits. “While some long-standing businesses leave our rural Colorado towns, for more urban options, First Southwest Bank stands committed to growing and investing in the people of our Western communities. As part of this commitment, starting team members at First Southwest Bank are immediately benefiting from the recent tax law changes, as the bank raises its starting wage to $14 an hour plus full benefits.” (Press Release, “First Southwest Bank To Raise Starting Wages, Investing in Local Employees,” First Southwest Bank, 1/22/18)
First Tennessee Bank
About 4,000 First Tennessee Bank Employees Wil Receive A $1,000 Bonus Due To The Passage Of Tax Reform. (Jim Gaines, “First Tennessee joins other banks giving tax cut bonuses,” USA Today, 12/27/17)
Fishbeck, Thompson, Carr & Huber
Michigan Based Architechture Firm Fishbeck, Thompson, Carr & Huber Will Give All Full-Time And Part-Time Employees A $1,500 Bonus. “A local architecture engineering firm has issued bonuses to all of its employees following tax reform. 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.” (Rachel Watson, “Engineering firm issues bonuses after tax reform,” Grand Rapids Business Journal, 1/16/18)
Flemington Car & Truck Country Family of Brands
Flemington Car and Truck Country Family of Brands Will Give All Full-Time Employees A $500 Bonus. “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.” (Vince Calio, “Central Jersey car dealership pays bonuses to employees as a result of new tax reform law,” NJ Biz, 1/8/18)
Florida Power & Light
Florida Power & Light Will Use Its Savings From Tax Reform To Avoid Charging Its Customers More To Help Pay For The Cost Of Restoring Power After Hurricane Irma. “Florida Power & Light is the latest company to reap the benefits of President Donald Trump’s signature tax reform package, giving consumers more jingle in their pocket as the power company uses extra funding to recoup the cost of restoring power after Hurricane Irma. On Tuesday, Florida Power & Light announced it would be using the money from the new federal tax overhaul to avoid billing its customers for the $1.3 billion cost of restoring power after the storm swept through the state in September. … According to FPL, each FPL customer will save an average of $250.” (Allison Nielsen, “Trump Tax Reform Puts Extra Cash in FPL Customers’ Pockets,” Sunshine State News, 1/17/18)
Flushing Financial Corporation
Flushing Financial Corporation Will Give Full-Time Employees A $1,000 Bonus And Part-Time Employees A $500 Bonus. “Flushing Financial Corporation (the ‘Company’) (NASDAQ:FFIC), the parent holding company for Flushing Bank (the “Bank”), announced that the Company’s Board of Directors approved a plan to increase the dividend in 2018 by two cents per share per quarter and provide each full-time and part-time employee with a one-time bonus, of $1,000 and $500 respectively, as a result of the benefits derived from the recent tax reform.” (Press Release, “Flushing Bank Sharing Benefit of Tax Reform with Shareholders and Employees,” Flushing Financial Corporation, 1/22/18)
F&M Bank Gave All Employees Working More Than 30 Hours A Week A $1,100 Bonus And Those Working Less A $750 Bonus. “Employees of F&M Bank were surprised on Tuesday to learn they would receive a bonus, which the institution attributes to additional earnings expected as a result of the GOP tax plan. … The GOP tax plan cut the corporate tax rate from 35 percent to 21 percent. Those who work more than 30 hours a week were given a one-time bonus of $1,100 and those who work less were handed $750. The Timberville-based bank also announced a special dividend to shareholders and the formation of a community fund. During a scheduled training session, the company awarded $250,000 to three community foundations.” (Jared Kline, “Valley bank credits GOP tax cuts for employee bonuses,” WHSV, 2/20/18)
F&M Bank Executive Vice President Neil Hayslett: “’This is an opportunity we haven’t seen during my career, as far as cuts in corporate tax rates … Rather than just banking all that, so to speak, we wanted to share it with the employees.’” (Jared Kline, “Valley bank credits GOP tax cuts for employee bonuses,” WHSV, 2/20/18)
Franklin Savings Bank
Franklin Savings Bank Is Giving All Employees A $1,000 Bonus As A Direct Result Of Tax Reform. “A another New Hampshire company has announced that due to changes in the federal tax laws, it, too, will be returning some of the savings directly to employees. Franklin Savings Bank – which has locations in Franklin as well as Bedford, Gilford, Merrimack, Nashua, and Rochester – will be issuing all employees a $1,000 bonus this year. The bonus is to recognize the contribution employees make to the success of the bank, said President and CEO, Ron Magoon.” (Tony Schinella, “Franklin Savings Bank Employees To Get A Bonus,” Concord Patch, 2/26/18)
Fulton Financial Corporation
Pennsylvania Based Fulton Financial Corporation Will Invest $2 Million Into The Communities It Serves, Will Raise its Minimum Wage To $12 An Hour And Plans To Give Approximately 75% Of Its Employees An Extra Week Of Pay. “Fulton Financial Corporation (NASDAQ: FULT) (“Fulton”) announced today 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. … As a result of the recently enacted Tax Cuts and Jobs Act of 2017, Fulton will commit an additional $2 million as part of its Fulton ForwardTM Initiative, which broadly supports communities across the company’s footprint. The initiative was designed to support underserved communities to create affordable housing, provide financial literacy and education programs, and to accelerate economic development. In addition to expanding its community support, Fulton also will raise its minimum wage to $12 per hour. The company also plans to provide an additional week of pay in 2018 to employees, who are not participants in other variable-award plans. It is expected that 75% of Fulton’s approximately 3,700 employees will receive this additional week of pay.” (Press Release, “Fulton Financial Reinvests in Communities and Employees,” Fulton Financial Corporation, 1/18/18)
Gates City Bank
North Dakota Based Gates City Bank Plans To Reinvest $1.6 Million To Benefit Its Employees, Customers And The Community. (“In response to tax bill, Gate City Bank announces reinvestment plan,” Inforum, 12/29/17)
Great Southern Bancorp Inc.
Missouri Based Great Southern Bancorp Inc. Will Give All Full-Time Employees A $1,000 Bonus And All Part-Time Employees A $500 Bonus As A Direct Result Of Tax Reform. (Will Schmitt, “Citing GOP tax reform, Springfield bank to pay bonuses to all employees,” Springfield News-Leader, 1/4/18)
Great Western Bancorp, Inc.
Great Western Bancorp, Inc. Press Release: “Great Western Bancorp, Inc. Unveils Minimum Wage Hike, Special Bonuses in Wake of Tax Reform.” “Great Western Bancorp, Inc. (NYSE:GWB), the parent company of Great Western Bank (www.greatwesternbank.com), announced investments today in its employees and community reinvestment as a result of the tax reform package. The investments include: 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.” (Press Release, “Great Western Bancorp, Inc. Unveils Minimum Wage Hike, Special Bonuses in Wake of Tax Reform,” Great Western Bancorp, Inc., 1/10/18)
Griffith Trucking Will Give Every Employee A $1,000 Bonus As A Result Of Tax Reform. “In President Trump’s State of the Union address Tuesday evening, he made the case that his recent tax law is the reason why companies across the country have announced bonuses, wage increases and other benefits for their employees. Tony Griffith, who owns three companies in Effingham, agrees wholeheartedly. So much so that this week he announced to his 65 full-time employees that he will be giving each of them a $1,000 bonus.” (Keith Stewart, “Local owner shares tax-cut savings,” Effingham Daily News, 1/31/18)
Group 1 Automotive, Inc.
Group 1 Automotive, Inc. Will Give Non-Management Employees A $500 Bonus Due To Tax Reform. “Group 1 Automotive, Inc.(NYSE: GPI), (‘Group 1’ or the ‘Company’), an international, Fortune 500 automotive retailer, today 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. … This bonus to qualified employees will be paid on March 1, 2018. Group 1 is assessing the full impact of the tax reform law on the company’s operations. Additional details will be shared when the company releases 2017 fourth quarter and full year earnings on February 8, 2018.” (Press Release, “Group 1 Automotive Awards Bonus to U.S. Dealership Employees,” Group 1 Automotive, 1/12/18)
Gulf Coast Bank & Trust Company
“Community Rewards Program Increased To $75,000 In Response To Tax Changes.” “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. … Since the program launch in 2013, Gulf Coast Bank’s Community Rewards Program has awarded $250,000 to various local nonprofits. The Gulf Coast Bank Community Rewards program is open to any 501(c)(3) nonprofit in one of the following parishes: East Baton Rouge, Jefferson, Orleans, St. Bernard, St. Tammany and Tangipahoa. Last year’s recipients included East Louisiana Kairos Outside, Mount Carmel Academy, Lake Forest Charter School, Cat Haven, Truth in Nature, The Emerge Center, Open Arms Community Center, Metairie Humane, No One Fights Alone, and Academy of Our Lady High School.” (Press Release, “Community Rewards Program Increased to $75,000 in Response to Tax Changes,” Gulf Coast Bank & Trust Company, 1/4/18)
Gulf Power Plans To Pass $103 Million In Savings From Tax Reform Along To Its Customers Through Lower Electricity Rates. “Gulf Power has filed a request with the Florida Public Service Commission seeking approval to pass along approximately $103 million in tax savings to its 460,000 customers. If approved, the average Gulf Power customer using 1,112 kilowatt hours per month would see a $14 drop on their monthly electricity bill for 2018 — the largest decrease in company history. More than $30 million in savings for customers will continue into 2019 and beyond if approved by the FPSC. 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, and became effective Jan. 1. The decrease in the Corporate Tax Rate from 35 percent to 21 percent reduces the amount of federal income tax Gulf Power will have to pay and allows the energy provider to pass that savings along to customers.” (“Gulf Power seeks bill reduction for customers following tax cuts,” Pensacola News Journal, 2/14/18)
Haciendas at Grace Village
Haciendas at Grace Village Will Hire 40 New Employees As Well As Giving Current Employees A Bonus As A Result Of Tax Reform. “Haciendas at Grace Village had planned to expand in the future but the company is moving forward now because of lower taxes according to Coppedge. The assisted living facility which has 49 employees may hire as many as 40 additional people. … He said the company will also provide salary increases, bonuses, and more training for current employees.” (Angela Kocherga, “”Congressman Pearce touts small business tax reform,” Albuquerque Journal, 2/19/18)
Happy State Bank
Happy State Bank Will Raise Its Minimum Wage, Will Give Salaried Employees Making Less Than $18 Hourly A $1,000 Raise, Will Raise Their Retirement Plan Match From 6% To 7% And Will Give Full-Time Employees A $1,000 Bonus And Part-Time Employees A $500 Bonus. “In its board meeting yesterday, January 23, the Board of Directors of Happy State Bank voted unanimously for a significant wage and benefit increase for employees of the company as a direct result of the new tax reform legislation. The announcement was made by Board Chairman and CEO, J. Pat Hickman. The wage increases directly impact over 600 of the bank’s 700+ employees. The highlights of the new program are: 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.” (Press Release, “Happy State Bank Announces Wage Increase for Employees,” Happy State , 1/24/18)
Massachusetts Based HarborOne Bank Announced That It Will Implement A $15 An Hour Minimum Wage And Give A Bonus Of $500 To More Than 600 Bank Employees. (David L. Harris, “HarborOne Bank to give $500 bonuses to 600 workers, citing tax reform,” Boston Business Journal, 12/27/17)
Harris Corporation Will Contribute An Additional $300 Million To Employee Pension Funds, Add $20 Million To Investments And Innovation And Will Give All Non-Executive Employees $24 Million In Stock Awards. “Harris Corporation today announced that, as a result of the passage of the tax reform bill, the company anticipates making an additional contribution to its employee pension fund, increasing its investment in research and development, and providing a one-time stock grant to all of its non-executive employees. The actions are expected to occur within the company’s fiscal 2018. … In addition, the company will grant each of its approximately 17,000 non-executive employees 10 shares of Harris common stock that will vest over two years. The grants have a current market value of about $1,470 each, or approximately $24 million in total.” (Press Release, “Harris Corporation Announces Tax Reform Investment Plans,” Harris Corporation, 1/30/18)
Hawaiian Electric, Maui Electric & Hawaii Electric Light
Hawaiian Electric, Maui Electric and Hawaii Electric Light Will Look To Pass Their Savings From Tax Reform Onto Their Customers. “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. State and federal taxes are included in the base electric rate and with a lower federal tax, the tax rate imbedded in the bill will be reduced.” (Press Release, “As federal tax rate falls, so could electric bills,” Hawaiian Electric Companies, 1/10/18)
Hawaii National Bank
Hawaii National Bank Will Raise Its Minimum Wage As Well As Give A $1,000 Bonus To Employees. “Hawaii National Bank said it awarded $1,000 cash bonuses to its employees and raised its hourly minimum wage, following a trend started by the state’s largest banks in recent weeks. … The Honolulu-based bank is the sixth financial institution in the state to announce such changes, after Bank of Hawaii (NYSE: BOH) was the first to make its announcement last month.” (Anna Hrushka, “Sixth Hawaii bank follows bonus and minimum wage trend,” Pacific Business News, 1/4/18)
Hawthorn Bank Will Give Full-Time Employees A $1,000 Bonus And Part-Time Employees A $500 Bonus Due To Tax Reform. “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.” (Philip Joens, “Hawthorn Bank announces employee bonuses,” News Tribune, 2/2/18)
Henry Schein Inc.
Henry Schein Inc. Will Give $1,000 Bonuses To Employees With One Full Year Of Service With The Company. “Taking into account changes to the federal statutory tax rate under the new U.S. tax legislation and its effects on state taxes and other permanent items, the Company expects its effective tax rate in 2018 to be in the 24% range. In recognition of our team members, following the recent U.S. Tax Cuts & Jobs Act, Henry Schein plans to distribute up to a $1,000 one-time cash bonus to certain designated staff members in the U.S. with one full year of service as of January 1, 2018. These distributions will total approximately $4 million and will be made in the first quarter of 2018.” (Press Release, “Henry Schein Reports Record Fourth Quarter and Full Year 2017 Financial Results,” Henry Schein Inc., 2/20/18)
Home BancShares, Inc.
Home BancShares, Inc. Will Five A $500 Bonus To More Than 850 Full-Time Tenured Employees. “Home BancShares, Inc, parent company of Centennial Bank (“Centennial”), announced plans today to distribute a one-time bonus of $500 for more than 850 full-time tenured employees. The actions are in appreciation for the commitment employees show in supporting customers and building stronger communities.” (Press Release, “Home BancShares, Inc. Invests in Employees,” Home Bancshares, Inc, 1/12/18)
Home Depot Will Give Hourly Employees Bonuses Ranging From $200 To $1,000 Depending On An Employees Length Of Service. “Home Depot is awarding its hourly employees in the U.S. a one-time cash bonus of as much as $1,000 following the passage of new tax legislation. The bonus amounts will be determined based on a person’s length of service, similar to Walmart’s strategy. All of Home Depot’s U.S. hourly workers will get at least a $200 bonus, a spokeswoman told CNBC, and the maximum payout is $1,000 for workers who’ve served at least 20 years.” (Lauren Thomas, “Home Depot Hourly Employees To Receive Up To $1,000 Bonus Due To Tax Reform,” CNBC, 1/25/18)
Washington Based HomeStreet Bank: “Seattle’s HomeStreet Bank raised its minimum wage to $15 per hour in all markets effective Jan. 1.” (“Additional Announcements of Post-Tax Reform Bank Actions,” ABA Banking Journal, 1/22/18)
“Honeywell Raises 2018 Guidance And Boosts Employee 401(K) Match, Citing Lower Tax Rates.” “U.S. industrial conglomerate Honeywell International said on Friday that it expected to bring back at least $7 billion of the $10 billion in cash held overseas in the next two years, taking advantage of the newly enacted tax law. Shares of Honeywell, which makes everything from jet engines to thermostats, rose as much as 1.2 percent in morning trading to hit a record of $163.85.” (“Honeywell Raises 2018 Guidance And Boosts Employee 401(K) Match, Citing Lower Tax Rates,” Reuters, 1/26/18)
Honeywell President And Chief Executive Officer Darius Adamczyk: “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. … We Believe That Enhancing This Benefit Is Extremely Valuable And Important To Our Employees Over The Long Term.” “’I am confident in Honeywell’s future, and our ability to continue to deliver for our shareowners and our employees. 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,’ Adamczyk concluded.” (Press Release, “Honeywell Reports Strong Fourth Quarter And 2017 Results, Raises 2018 Guidance To Reflect Lower Tax Rate,” Honeywell, 1/26/18)
Hostess Brands Inc.
Hostess Brands Inc. Give Employees A $750 Cash Bonus And A $500 401(k) Contribution. “Hostess Brands Inc., feeling flush after last month’s tax overhaul, will offer bonuses to workers — including free snacks. 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.” (Nick Turner And Craid Giammona, “Twinkie Maker’s Response to the Trump Tax Overhaul: Free Snacks,” Bloomberg, 1/31/18)
Humana Will Raise Its Minimum Wage For All Employees To $15 An Hour And Will Accelerate Its Performance-Based Incentive Program For Employees. Health insurer Humana said it will be raising the hourly minimum wage for all of its employees as a result of the GOP tax bill. The legislation signed by President Trump last month slashed the corporate tax rate in an attempt to boost wages and add new jobs in the U.S. … The company will accelerate the timing for employees to start an annual performance-based incentive program. Instead of beginning in 2019, it will start in 2018. Payouts will occur in March 2019. Humana also said it intends to raise the minimum hourly wage for all full- and part-time employees to $15.” (Nathaniel Weixel, “Humana Credits GOP Tax Bill For Boost To Employee Benefits, Wages,” The Hill, 1/17/18)
Huntington Ingalls Industries
Mississippi Based Huntington Ingalls Industries Will Give Employees A $500 Bonus Due To Tax Reform. “Workers at Huntington Ingalls Industries will receive a one-time bonus in the company’s response to the federal Tax Reform Act. A $500 bonus will be given to all employees except for those who work through an incentive plan. HII is the parent company of Ingalls Shipbuilding, which employs about 11,500 workers and is the largest manufacturing employer in Mississippi. HII President and CEO Mike Petters announced the news Thursday in a letter provided to the Sun Herald.” (Robin Fitzgerald, “Ingalls workers to get one-time bonus in company’s response to Tax Reform Act,” Sun Herald, 2/15/18)
IAT Insurance Group
“IAT Insurance Group Announces $3,000 ‘Tax Reform’ Bonus for Employees.” (Press Release, “IAT Insurance Group Announces $3,000 ‘Tax Reform’ Bonus for Employees,” IAT Insurance Group, 12/21/17)
INB, A Washington Based Bank, Announced It Will Raise Their Minimum Wage To $15 An Hour And Provide $500 In Year End Bonuses To All Employees Except Senior Executives. (Becky Kramer, “INB increases wages, hands out bonuses due to tax reform bill,” Spokesman-Review, 1/2/18)
Information Services Group
Information Services Group Will Increase Investments Into Its Global Digital Initiatives As Well As Contributing An Additional $500 To Every Employees 401(k) Plan. “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.” (Press Release, “ISG Announces Increased Investments in Digital Initiatives and Special Bonus for U.S. Employees in Response to Passage of U.S. Tax Cut and Jobs Act,” Information Services Group, 12/22/17)
Insperity, Inc. Will Give Employees Bonuses Ranging From $1,000 To $4,000 Based On An Employees Time With The Company. “Insperity, Inc., a leading provider of human resources and business performance solutions for America’s best businesses, today announced one-time bonuses to its employees made possible through the U.S. tax reform act recently signed into law. The amount of the bonuses will range from $1,000 to $4,000 per employee dependent upon the employee’s tenure with the company. These bonuses total approximately $9 million and will not be awarded to the management team and other senior leaders.” (Press Release, “Insperity to Invest $9 Million of Tax Reform Savings in Its Employees,” Insperity Inc., 2/9/18)
“All JetBlue Crewmembers To Receive $1,000 Following Tax Reform. (Press Release, “All JetBlue Crewmembers to Receive $1,000 Following Tax Reform,” JetBlue Airlines, 1/4/18)
J.M. Smucker Company
J.M. Smucker Company Will Give Nearly 5,000 Employees $1,000 Bonuses And Contribute An Incremental $20 Million To Employee Pension Plans. “With the benefit resulting from U.S. income tax reform, the Company contributed an incremental $20.0 million to its employee pension plan and has announced a one-time bonus of $1,000 to nearly 5,000 employees and a $1 million increase to its charitable contributions.” (Press Release, “The J. M. Smucker Company Announces Fiscal 2018 Third Quarter Results,” J.M. Smucker Company, 2/16/18)
Johnson & Johnson
“J&J Promises ‘Significant’ R&D Spending After Tax Reform.” “Johnson & Johnson is promising to spend more on research in the health-care sector after changes to the U.S. tax system … J&J provided a 2018 profit forecast that was higher than analysts anticipated, joining companies that are seeing benefits from the tax overhaul passed in law late last year. The health-care conglomerate, whose businesses include prescription medicines, medical devices and consumer brands such as Johnson’s baby care, makes almost half of its revenue outside of the U.S., and also benefited from the weaker dollar in the past year. The shares rose 0.7 percent to $149.15 in early trading in New York.” (Jared S Hopkins, “J&J Promises ‘Significant’ R&D Spending After Tax Reform,” Bloomberg, 1/23/18)
Wyoming Based Jonah Bank Will Give Its Employees A $1,000 Bonus And “Significantly Increase” Its Giving In The Local Communities. “Jonah Bank has announced it will give each of its employees a thousand-dollar bonus and ‘significantly increase’ its giving in the Casper and Cheyenne communities as a result of Congress passing the tax reform bill, according to a press release. … ‘Jonah Bank thanks all those who supported the tax reform bill and is excited to share the benefits of this vital legislation with its employees, shareholders and the communities it serves.’” (Susan Burk, “Jonah Bank To Give Employee Bonuses, Increase Giving,” KTWO, 2/9/18)
California Based Jordan Winery Will Give All Eligible Employees A $1,000 Bonus In Direct Response To The Passage Of Tax Reform. (Press Release, “Jordan Winery Owner Creates 1 Country 1K In Response To Tax Cut Bill,” Jordan Winery, 12/22/17)
Joseph’s Lite Cookies
Florida Based Joseph’s Lite Cookies Is Giving Raises Of up To $4,200 To Half Of Its Employees. “They’re right, and they’re hardly alone. As the president and CEO of Joseph’s Lite Cookies in Florida, I run a family-owned, sugar-free cookie business. We bake more than 12 million sugar-free cookies a day, in addition to supplying other diabetic-friendly products. … 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.” (Joseph Semprevivio, “Those tax savings aren’t ‘crumbs.’ Just ask my employees,” Washington Examiner, 2/5/18)
“JPMorgan Promises $20bn Investment After US Tax Cuts.” “JPMorgan Chase will increase wages for its lowest-paid workers and reverse its recent trend of branch closures, it announced on Tuesday, after promising to share the proceeds of the Trump administration’s recent tax cuts. The moves are part of an investment plan which the bank says will be worth $20bn over the next five years, including further commitments to increase its lending to small businesses and create thousands of new jobs.” (Nicholas Megaw, “JPMorgan Promises $20bn Investment After US Tax Cuts,” Financial Times, 1/23/18)
“Wages For 22,000 Of JPMorgan’s Hourly Workers Will Increase From Between $12/Hour And $16.50/Hour.” “Wages for 22,000 of JPMorgan’s hourly workers will increase from between $12/hour and $16.50/hour to between $15/hour and $18/hour, depending on the local cost of living. The rises will come into force from February 25, with staff gaining an average wage rise of 10 per cent.” (Nicholas Megaw, “JPMorgan Promises $20bn Investment After US Tax Cuts,” Financial Times, 1/23/18)
“The Company Said It Will Open Up To 400 New Branches Over The Next Five Years, Which Will Directly Employ Around 3,000 People.” “The company said it will open up to 400 new branches over the next five years, which will directly employ around 3,000 people. That marks a near 8 per cent increase compared to the current size of its branch network, which has shrunk by around 470 in the last three years. The New York company will also hire and additional 500 new bankers to focus on small business lending, which it aims to increase by $4bn – almost 20 per cent – over the next three years. JPMorgan said it is planning to open new offices in South Carolina and Maryland …” (Nicholas Megaw, “JPMorgan Promises $20bn Investment After US Tax Cuts,” Financial Times, 1/23/18)
“JPMorgan Also Pledged To Increase Lending For Affordable Housing And Ramp Up Its Community Investments By 50 Per Cent.” “In a further sign of the bank’s efforts to show that the benefits of tax reform will not only be felt by the richest, JPMorgan also pledged to increase lending for affordable housing and ramp up its community investments by 50 per cent.” (Nicholas Megaw, “JPMorgan Promises $20bn Investment After US Tax Cuts,” Financial Times, 1/23/18)
All Kalb Industries Of Nevada Employees With At least Three Months Of Employment Will Receive A One Time Bonus. (Press Release, “2017 Most Successful Year For Kalb,” Kalb Industries Of Nevada, 12/20/17)
Kansas City Power And Light
Kansas City Power And Light Plan To Pass $65 Million In Tax Reform Savings Onto Its Customers. “KCP&L and KCP&L-Greater Missouri Operations Company (KCP&L-GMO), subsidiaries of Great Plains Energy Incorporated, recently requested rate updates for their Missouri customers. The requests will update rates for several customer experience enhancements, including technology and green initiatives. Additionally, the companies are asking to pass along to customers 100% of the savings resulting from the Tax Cut and Jobs Act. This will result in approximately $65 million in savings for customers in Missouri. KCP&L will make a similar request for Kansas customers later this spring.” (Press Release, “KCP&L Files Rate Update Requests with Missouri Public Service Commission,” Kansas City Power And Light, 1/31/18)
Missouri Based KCP&L Announced Plans To Pass $100 Million In Tax Savings On To Its Customers Due To The Tax Cuts And Jobs Act. “Today 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. … The full impact of this tax change will take several months to determine, as any proposed change to customer rates requires the approval of the KCC and MPSC. In addition, in determining how the tax reduction will impact rates, the company will request that regulators review and update all costs necessary to serve its customers.” (Press Release, “KCP&L to Provide Federal Tax Reduction Benefits to Customers,” KCP&L, 1/18/18)
Kansas City Southern
“KCS Awards Year-End Bonus In Response To Passage Of U.S. Tax Bill.” (Press Release, “KCS Awards Year-End Bonus In Response To Passage Of U.S. Tax Bill,” Kansas City Southern, 12/21/17)
Key Bank Will Raise Its Minimum Wage To $15 An Hour And Contribute $1,000 To The 401(k) Plans All Full-Time Employees Making $100,000 Or Less And $500 To Every Part-Time Employees Plan. “One of the largest banks in Western New York is joining the list of corporations giving their employees a financial boost in the wake of federal tax reform. KeyBank N.A. told workers this week that the bank will raise its minimum wage to $15 per hour in April. The change will affect new and existing employees. The bank will also contribute $1,000 to the 401(k) retirement plan of every full-time employee who makes $100,000 per year or less and $500 to the 401(k) plan of every part-time employee. Eighty percent of KeyBank’s workforce will receive the one-time 401(k) contributions, which will be made during the first quarter of 2018. … KeyBank is the banking subsidiary of Cleveland-based KeyCorp (NYSE: KEY), which acquired Buffalo’s First Niagara Financial Group Inc. in 2016 and established a Northeast regional headquarters in the city’s Larkinville neighborhood.” (Allissa Kline, “KeyBank joins list of corporations rewarding employees after passage of tax bill,” Buffalo Business First, 1/10/18)
Kiddar Capital Will Give Employees Bonuses Valued From 5% To 15% Of Current Salaries. STUART VARNEY: “You’re giving bonuses too aren’t you?” KIDDAR CAPITAL CEO TODD HITT: “We are.” VARNEY: “How much?” HITT: “Anywhere from five percent to fifteen percent of current salary.” VARNEY: “That’s a lot.” HITT: “It is, we really had the holy grail of tax reform just happen. Bottom line, if you want to expand your companies you have to actually give some ownership back to the people that work for you.” VARNEY: “Do your people know they’re getting these bonuses?” HITT: “They Do.” VARNEY: “What was the response when you told them?” HITT: “Terrific.” (“Kiddar Capital Giving Employees Bonuses After Trump’s Tax Bill,” FOX Business’s Varney & Co., 1/12/18)
Pennsylvania Based Kish Bancorp: “Kish Bancorp in State College, Pa., paid a $1,000 bonus to full-time employees and $500 to part-time employees and announced additional investments of $10 million over the next three years, including a new technology, operations and customer service center to enhance the customer experience.” (“Additional Announcements of Post-Tax Reform Bank Actions,” ABA Banking Journal, 1/22/18)
Koch Trucking Will Raise Driver Pay And Increase The Maximum Sign-On Bonus By $2,000 Due To Tax Reform. “As transportation companies reap the rewards of tax relief stemming from the new tax law, some CEOs have reinvested the extra cash into new tractor-trailers or bonuses for their employees. … Koch Trucking (No. 85) raised driver pay to 41 cents to 45 cents per mile and the maximum sign-on bonus to $7,000 from $5,000 prior to late December. ‘Rate increases and benefits from the recent tax law reform have allowed us to re-evaluate our current driver pay to make sure we are putting money back in the pockets of our greatest asset — the driver,’ CEO Randy Koch said.” (“Tax Law Sparks Questions on Purchases, Raises in Trucking,” Transportation Topics, 2/12/18)
Kraft Heinz Will Spend $300 Million On Strategic Investments, More Than $800 Million In Capital Expenditures To Improve Quality And $1.3 Billion To Pre-Fund Post-Retirement Benefit Plans. “’Since the HR-1 Tax Cuts and Jobs Act was signed into law, we have already taken actions and are accelerating key business initiatives,’ said Kraft Heinz CFO David Knopf. ‘This includes approximately $300 million in strategic investments to build our capabilities, our people skills and our brands; more than $800 million in capital expenditures to improve quality, safety and capacity; as well as $1.3 billion to pre-fund our post-retirement benefit plans.’” (Press Release, “Kraft Heinz Reports Fourth Quarter and Full Year 2017 Results,” Kraft Heinz, 2/16/18)
Lakestone Bank & Trust
Lakestone Bank & Trust Chairman And CEO Bruce J. Cady: “All Hourly Employees Received A $1 Per Hour Raise And All Salaried Employees Will Receive A $1,000 Bonus.” Lakestone Bank & Trust announced Friday that employees will benefit from the recently announced tax reform law. 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.” (“Lakestone Bank & Trust employees benefit from tax reform,” The County Press, 1/28/18)
Land & Co.
Land & Co. Will Give Full-Time Employes A $1,000 Bonus, Part-Times Workers A $500 Bonus And Seasonal Workers Will Get A $250 Bonus. “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. Land & Co. believes the Trump Tax Cut has generated a more optimistic vision for the future of business in West Michigan and the United States of America and wants their wonderful employees to be a part of and share in that vision’” the company said in a statement attributed to its owners, Roger Lucas and Dan Hibma on Monday, Feb. 5. Land & Co.’s 151 full-time employees will each get $1,000; its 17 part-time workers will get $500 and its nine seasonal workers will each get $250.” (Jim Harger, “Michigan landlord gives employees bonus, credits ‘Trump Tax Cut’,” Michigan Live, 2/5/18)
Larry H. Miller Group of Companies
Larry H. Miller Group of Companies Will Give A $1,000 Bonus To “About 10,000” Employees As A Result Of Tax Reform. “Utah’s first lady of business is sharing some of her good fortune with the people who are helping to build her family’s empire. About 10,000 employees of the Larry H. Miller Group of Companies will be getting an extra $1,000 in their next paycheck courtesy of the owner and chairwoman, Gail Miller. The company confirmed the gift authorization Thursday. David Blain, president of Saxton Horne Communications, the advertising and communications agency for the LHM Group, said the largesse is a token of Miller’s gratitude toward the thousands of people who make the company so successful.” (Jasen Lee, “Gail Miller giving 10,000 employees $1,000 bonuses,” Deseret News, 3/1/18)
Lawrence Paper Company
Nebraska Based Lawrence Paper Company Gave All 300 Employees A $500 Bonus Due To Tax Reform. “The tax bill signed by President Donald Trump last month was met with mixed reviews by some wondering who it would truly benefit, but the Lawrence Paper Company who employs three-hundred workers throughout its Freemont, Nebraska, Lawrence and Hutchinson locations is confident the tax bill will contribute to their future success as a business. … 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.” (Brenda Carrasco, “Hutchinson company gives employees bonus after tax bill,” KWCH, 1/10/18)
Texas Based Leak Sealers Will Give Bonuses To All 100 Employees Due To Tax Reform. “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. ’We’ve been incredibly successful, and I’ve never seen anything like it, the way business has been roaring,’ said CEO Henry Adams in a statement. ‘We’re appreciative and we want to share it with our employees.’” (“SE Texas company to hand out bonuses amid tax cuts,” Beaumont Enterprise, 2/8/18)
LiDesti Food And Drink
LiDesti Food And Drink Employees Will Receive A Double Paycheck As A Bonus Due To Tax Reform. “While the rest of us were seeing hearts on Valentine’s Day, LiDesti Food and Drink employees were seeing green. Each employee learned Wednesday that they would receive a double mid-month paycheck, thanks to a high performing year at the food and beverage production company and the recent federal tax cuts, which afforded the company unaccounted-for funds. Officials decided the best use for the windfall was to share it with the workforce.” (Sarah Taddeo, “LiDestri’s Valentine’s gift: Extra paychecks for all employees,” Democrat & Chronicle, 2/15/18)
Lockheed Martin Will Invest Its Savings From Tax Reform into Employee Training And R&D As Well As Upping Its Charitable Contributions. “Lockheed Martin will invest tax reform savings in employee training and research and development, CEO Marillyn Hewson said today. Hewson said the company will initially invest savings from the new law in charitable contributions to science, technology, engineering and math programs and increasing the Lockheed Martin Ventures investment fund. The company will also invest a combined $200 million in research and development and capital expenditures this year, she said. Lockheed is also contributing $5 billion to pay ahead on its required pension plan contributions until 2021, meaning it will not need to contribute to the plan in 2019 or 2020.” (Jacqueline klimas, “Lockheed to invest tax savings in employee training, R&D,” Politico Pro, 1/29/18)
Louisville Gas And Electric Company & Kentucky Utilities Company
Louisville Gas And Electric Company And Kentucky Utilities Company Will Look To Pass Its Savings From Tax Reform Onto Its Customers “In The Form Of A Reduction On The Environmental Surcharge Line Item.” “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.” (Press Release, “LG&E and KU reach unanimous settlement to deliver nearly $180 million in tax savings to customers,” Louisville Gas And Electric Company And Kentucky Utilities Company, 1/29/18)
Lowe’s Will Give Employees up To $1,000 Bonuses Based On Length Of Service And Will Be Expanding Its Benefits Package To Full-Time Employees To Include Paid Maternity Leave For 10 Weks, Paid Paternal Leave For 2 Weeks And Adoption Assistance of Up To $5,000. “Lowe’s will follow rival Home Depot in giving thousands of its hourly employees a one-time bonus of up to $1,000 due to new tax legislation, according to an internal company memo reviewed by CNBC on Wednesday. The bonuses will be based on an employee’s length of service with Lowe’s, and more than 260,000 part- and full-time individuals are set to receive the payouts, the company said. Lowe’s declined to comment on how the bonuses would be broken out based on tenure. Effective May 1, Lowe’s will also be expanding its benefits package for full-time workers to include paid maternity leave for 10 weeks, paid parental leave for two weeks, adoption assistance of up to $5,000, and faster eligibility for health benefits, the memo said.” (Lauren Thomas, “Lowe’s to give some employees bonuses of up to $1,000 and expand benefits due to tax reform,” CNBC, 1/31/18)
MainSource Financial Group
MainSource Financial Group Will Raise Its Minimum Wage To %15 An Hour Due To The Passing Of Tax Reform. “MainSource Financial Group (NASDAQ: MSFG) 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.” (Press Release, “MainSource Financial Group Announces Pay Increase for Hourly Employees,” MainSource Financial Group, 1/3/18)
Massachusetts Department of Public Utilities
The Massachusetts Department of Public Utilities Has Ordered Massachusetts Utilities To lower Their Rates Due To The Savings From Tax Reform. “State regulators are ordering Massachusetts utilities to lower their rates to reflect the reduction in the federal corporate tax rate approved by Congress. The Department of Public Utilities on Friday instructed the utilities to account for any revenues associated with the difference between the previous and current federal corporate tax rates. The agency also ordered the utilities to submit by May 1 their proposals to lower their rates to incorporate the reduction in the federal corporate tax rate. Democratic Attorney General Maura Healey called the DPU decision “a huge victory for ratepayers” and said the agency had agreed with her office that all utility companies in Massachusetts must use the corporate savings from this federal tax bill to lower rates for customers.” (“Massachusetts orders utilities to lower rates after tax cut,” Associated Press, 2/3/18)
A Massachusetts Based Restaurant Group Will Give Full Time Employees A $500 Bonus And Part-Time Employees A $200 Bonus. “A group of local restaurant owners gave out cash bonuses to their employees this week in response to the recently enacted federal corporate tax reform legislation, according to a press release. The restaurant group consists of the owners of The Gateway Tavern in Wareham, The Stowaway in Mattapoisett, Sail Loft in Dartmouth, Duck Inn Pub in Hyannis and Speedwell Tavern in Plymouth. Each full-time employee received a one-time cash bonus of $500, and each qualifying part-time employee received $200. A total of 93 checks were distributed.” (Matt Apoisett, “The Stowaway distributes tax-reform bonuses to employees,” Wicked Local, 2/16/18)
Mastercard Inc. Raised The Cap On Its Employee Match 401(k) Plan From 6% To 10% Due To Tax Reform. “Mastercard Inc., Purchase, N.Y., is increasing the cap on the employer match in its 401(k) plan to 10% of an employee’s salary, a spokesman confirmed. Previously, the company match was 125% of employee contributions up to 6% of salary. Michael Fraccaro, chief human resources officer, announced the change in a LinkedIn post last week. He cited recent U.S. tax reform as the impetus for the change.” (Meghan Kilroy, “Mastercard ups 401(k) employer match to 10%,” Pensions & Investments, 2/5/18)
MB Financial Inc.
MB Financial Inc. “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.” “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. … As a result of the recently enacted Tax Cuts and Jobs Act of 2017 MB will contribute $7.5 million to the MB Charitable Foundation, specifically to help the most disadvantaged communities where MB operates for the creation of affordable housing, strong educational programs, vital community services, and to accelerate economic development. “Giving is a cornerstone of our culture,” said Rose Bouman, Executive Vice President of MB Financial Bank, “Our programs such as ‘MB on the Block’, wherein over 500 MB employees dedicate a day of service to the community each year, are at the heart of who we are.’” (Press Release, “MB Reinvests in its Communities and Employees,” MB Financial Inc., 1/2/18)
“McDonald’s To Open 1,000 New Restaurants In 2018, Beef Up Tech After Tax Reform.” “McDonald’s (MCD) said it plans to funnel a significant portion of its tax savings after President Trump’s sweeping tax bill into remodeling stores in the U.S. and opening an additional 1,000 stores worldwide this year. … The fast food giant also said it plans to invest $2.4 billion into existing locations by adding more kiosks and technology tailored to delivery and digital ordering.” (Jade Scipioni, “McDonald’s to open 1,000 new restaurants in 2018, beef up tech after tax reform,” FOX Business, 1/30/18)
Buffalo Based M&T Bank Will Be Raising Its Starting Hourly Wage To $14 To $16 an hour Due To Tax Reform. “M&T Bank employees are getting a raise. The Buffalo-based bank chain has announced that it will be raising the starting hourly wage to $14 to $16 based on region. A bank spokesman said he couldn’t provide which pay-rate Western New York employees would get or the company’s previous starting wage. The raises will begin taking effect in February and will be fully phased in by mid-year. M&T is citing the ‘improvements in after-tax revenue’ from the federal tax overhaul for the raise, which it says will be a $25 million investment once fully implemented.” (“M&T Bank Boosting Starting Pay Rates,” Niagara Gazette, 1/18/18)
Idaho Based Melaleuca, A Health Care And Home Products Company, Announced That It’s 2,000 Workers Will Receive A $100 Dollar Bonus For Every Year They’ve Worked At The Company. (Kimberlee Kruesi, “Idaho company to offer bonuses following tax plan,” Associated Press, 12/21/17)
Metairie Bank and Trust
Metairie Bank and Trust Will Raise Its Minimum Wage To $12 Per Hour And Give All 120 Employees A $1,000 Bonus. “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.’” (Lance Traweek, “Metairie Bank gives bonuses, increases minimum wage,” New Orleans City Business, 1/26/18)
MetLife, Inc. Is “Increasing The Minimum Wage It Pays, Enhancing Benefits, And Boosting Contributions To Retirement Plans” Due To Tax Reform. “MetLife, Inc. (NYSE: MET) announced today that in light of tax reform, the company will increase the investment it makes in its employees. The company will strengthen financial security for U.S. employees by increasing the minimum wage it pays, enhancing benefits, and boosting contributions to retirement plans. It will also create a new $10 million skills development fund to help its employees around the world upgrade their workplace skills.” (Press Release, “MetLife To Invest Tax Savings In Employees,” MetLife Inc., 2/12/18)
MidAmerican Energy, Alliant Energy, Interstate Power & Light, Black Hills Energy & Iowa-American Water Co.
“Iowa Utilities Will Deliver $147 Million In Tax Reform Savings To Consumers.” “Iowans could see up to a $147 million reduction on their heating and cooling bills as a result of federal tax reform. MidAmerican, Alliant and other investor-owned utilities in Iowa will save millions as a result of the new tax law signed by President Donald Trump shortly before Christmas. … MidAmerican Energy estimated it would return between $90.8 million and $112.3 million to electric customers. … Interstate Power & Light, an Alliant Energy’s 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. Black Hills Energy would return $1.6 million to its gas customers, the only service it provides in Iowa. And Iowa-American Water Co., which provides service in eastern Iowa, would provide $1.5 million and $1.8 million to customers.” (Donnelle Eller, “Iowa utilities will deliver $147 million in tax reform savings to consumers,” Des Moines Register, 1/29/18)
Mid-AM Metal Forming
Mid-AM Metal Forming Will Give All 140 Bonuses Due To The Passage Of Tax Reform. “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. … The company does metal stretch forming, bending, metal fabrication and painting services, according to the news release, serving aerospace, automotive, marine and architectural purposes. It is unclear how much the bonus will be.” (Cortlynn Stark, “Mid-AM Metal Forming to Give Employees Bonuses,” Ozarks First, 1/6/18)
Middlefield Banc Corp.
Middlefield Banc Corp. Will Give All Employees A $1,000 Bonus As A Result Of Tax Reform Being Passed. “Middlefield Banc Corp. (NASDAQ: MBCN) today announced that, as a result of the company’s strong 2017 financial results, favorable 2018 outlook, and the benefits of the Tax Cuts and Jobs Act, the company’s Board of Directors has approved several actions to return capital to Middlefield’s shareholders and employees. … In addition, the Board declared a special one-time cash dividend of $0.05 per common share that will be payable on March 15, 2018, to shareholders of record on February 28, 2018. The Board also approved a one-time bonus of $1,000 to each employee.” (Pres Release, “Middlefield Banc Corp. Returns Capital to Shareholders and Employees,” Middlefield Banc Corp., 2/14/18)
Mill Steel Co.
Mill Steel Co. Will Give $1,000 Bonuses to All 400 Of Its Full-Time Associates As A Result Of Tax Reform. “Mill Steel Co., one of the nation’s largest distributors of flat-rolled carbon steel, is pleased to award a $1,000 bonus to all 400 of its full-time associates following the tax cut passed by Congress and signed by President Trump. Mill Steel announced this morning that all full-time associates across its nine operations nationwide, no matter each individual’s seniority, will receive a one-time bonus from the recent tax overhaul that reduces corporate tax rates.” (Press Release, “Mill Steel Co. Gives $1,000.00 Tax Cut Bonus to all Full-Time Associates,” Mill Steel Co., 2/8/18)
Mission Produce Will Give All U.S. Based Employees A $1,000 Bonus As A Direct Result Of Tax Reform. “Mission Produce, an avocado distributor based in Oxnard, is rewarding employees in response to the recent federal tax cut. ‘We are giving all our U.S.-based employees a $1,000 bonus,’ President and CEO Steve Barnard said at a recent company meeting. ‘We applaud President Trump for spearheading the action needed to pass tax reform. The Tax Cuts and Jobs Act of 2017 created a meaningful impact on Mission’s business. We plan to invest the tax savings in new facilities and technology to create opportunities for the company and for our employees. It’s only fair that we share the benefits that tax reform will have on our business with our valued employees.’” (“Mission Produce gives employees $1,000 bonus,” Reno Gazette Journal, 2/22/18)
Mountaire Farms Is Giving Its Employees A $1,000 Bonus As Well As Improving Its Full-Time Employees 401(k) Plans. “Mountaire Farms is awarding its employees with a one-time cash bonus of up to $1,000 along with other benefits following the passage of President Trump’s new tax law. The bonus amounts will be determined based on an employee’s length of service, similar to many other companies. Hourly employees employed up to 180 days will receive a one-time $500 bonus, and then full-time employees who have been employed for more than 180 days will receive a one-time $1,000 cash bonus. … In addition to the bonuses, full-time employees will also receive significant improvements to their 401k plans, according to the company who emphasized that the rewards come specifically because of the new tax law.” (Rob Petree, “Mountaire Farms employees to receive up to $1,000 bonus due to tax reform,” Delaware 105.9 FM, 1/29/18)
Muncie Aviation Company
Indiana Based Muncie Aviation Company Will Give All Employees A Bonus As A Direct Result Of Tax Reform. “Muncie Aviation Company will pay a bonus to all employees during the first week of March, ‘due in part to the Trump (Tax Cuts and Jobs Act of 2017) and in part to the record economic results posted by the company for 2017,’ the company announced this week. ‘The company believes that the favorable business climate will increase opportunities in the coming years,’ a release stated. A reception for the employees/owners will be held immediately after the awarding of the bonus at Merk’s restaurant, which is located in Muncie Aviation’s administrative building at the Delaware County Regional Airport.” (“Muncie Aviation to pay bonus to employees,” Star Press, 3/2/18)
Musicnotes, Inc., A Wisconsin Based Company, Will Give All Employees A 3% Salary Increase. “The new year brings a new salary increase for all 55 employees at Musicnotes, Inc., the worldwide leader in digital sheet music based in Madison, Wisconsin. Effective January 1st, the 3% salary increase is tied specifically to corporate tax reform and is in addition to Musicnotes’ existing annual raises to eligible employees.” (Press Release, “Musicnotes Announces Company-Wide Salary Increase,” Musicnotes, Inc., 1/8/18)
Mutualbank Will Give All Full-Time And Part-Time Non-Executive Employees A $750 Bonus Due To The Enactment Of Tax Reform. “In the first quarter of 2018, MutualBank will distribute a $750 one-time payment for all full-time and part-time employees except for the Executive Management Team. Additionally, all non-exempt employees will receive a $0.50 increase in their hourly wage.” (Press Release “MutualBank Announces Hourly Wage Increase And Bonuses,” MutualBank, 1/20/18)
National Bank Holdings Corp.
“National Bank Holdings Corporation Announces $1,000 Bonus For More Than Half Of Its Associates.” (Press Release, “National Bank Holdings Corporation Announces $1,000 Bonus For More Than Half Of Its Associates,” National Bank Holdings Corporation, 12/27/17)
National Grid, A Massachusetts Energy Provider, Will Pass Its Savings From Tax Reform Onto Its Customers Through Reduced Rates. “On the heels of expansive federal tax reform, National Grid will request a reduction in its pending natural gas distribution rate proposal with the Massachusetts Department of Public Utilities. 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.” (Press Release, Company will reduce pending gas distribution rate proposal by roughly $36 million,” National Grid, 1/11/18)
Nationwide Insurance Announced It Will Give Employees A $1,000 Bonus As Well As Increasing Their Contributions To Employee 401(k)’s. (Lauren Donovan, “Nationwide gives big bonuses, credits tax reform,” KCCI, 1/3/18)
Delaware Based Navient, Who Services And Collects Student Loans, Announced A $1,000 Bonus For All Non-Officer Employees. (Bill O’Boyle, “Navient shares tax credit with $1,000 bonuses to 6,700 employees,” Times Leader, 1/2/18)
NBT Bancorp Inc.
NBT Bancorp Inc. Will Raise Its Minimum Wage To $15 An Hour And Will Give All Employees Making $50,000 Or Less A Permanent 5% Raise. “The Company will realize a reduction in tax expense beginning in 2018 due to Tax Reform decreasing the federal rate for corporations from 35% to 21%. As a result, the Company is raising the starting hourly pay rate of $11 to $15 per hour and employees earning $50,000 or less will receive a permanent minimum increase of 5%. This will positively impact over 61% of the Company’s workforce. Moreover, in 2018 the Company will be increasing both its investment in infrastructure to enhance customer-facing technology and contributions to nonprofit organizations in its footprint.” (Press Release, “NBT Bancorp Inc. Announces Net Income of $82.2 Million and Diluted Earnings Per Share of $1.87; Declares Cash Dividend; Excluding the Estimated Impact of Tax Reform, Net Income Up 10.4% from 2016 to $86.6 Million and Diluted Earnings Per Share of $1.97,” NBT Bancorp Inc., 1/22/18)
Nephron Pharmaceuticals Corporation
Nephron Pharmaceuticals Corporation Will Give All Employees, Except Commissioned Employees, A Five Percent Raise. (Press Release, “Nephron Employees Receive Raises Thanks To Tax Cuts Law,” Nephron Pharmaceuticals Corporation, 12/27/17)
Nebraska Based Nelnet Announced All Employees Who Have Been With The Company For At Least Six Months Will Receive A $1,000 Bonus And Those Who Have Been There Less Than Six Months Will Receive A $500 Bonus, This Excludes Senior Managers. (Matt Olberding, “Nelnet, Pinnacle Bank announce plans for tax-related employee bonuses,” Lincoln Journal Star, 12/22/17)
NexTier Bank, N.A. Will Give All Employees A $1,000 Bonus Due To Tax Reform. “NexTier Bank, N.A. (“NexTier”), today 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.” (Press Release, “NexTier Bank Announces $1,000 Bonuses for Employees,” NexTier Bank, N.A., 1/12/18)
Indiana Based NIPSCO Will Pass $26 Million In Savings From Tax Reform Onto Its Customers. “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. Electric rate benefits from federal tax reform are being considered and reviewed separately.” (Press Release, “NIPSCO Natural Gas Customers To See Lower Bills As A Result Of Federal Tax Reform,” NIPSCO, 1/29/18)
Pennsylvania Based Noah Bank Will Give All Employees A $1,500 Bonus Due To Tax Reform. “Noah Bank, a Pennsylvania-chartered community bank, has announced today that its 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.” (Press Release, “Noah Bank To Provide Employee Bonuses Following Passage Of Tax Legislation,” Noah Bank, 2/2/18)
Nebraska Based Northwestern Energy Will Pass Savings From Tax Reform Onto Its Customers. “Many natural gas customers in Nebraska, including in Lincoln, are likely to see smaller bills because of the corporate tax rate cut passed by Congress last year. Nebraska Public Service Commission spokeswoman Deb Collins said both Black Hills Energy and Northwestern Energy have notified the commission that they intend to pass some of their tax savings on to ratepayers. Collins said the process is being done informally and details are still being worked out.” (Matt Olberding, “Corporate tax cut will mean lower gas rates for many in Nebraska,” Lincoln Journal Star, 1/13/18)
NV Energy Plans To Pass More Than $80 Million In Savings From Tax Reform Onto Its Customers. “According to NV Energy, the company has requested to pass through to all its Nevada customers a revenue reduction of $83.7 million as a result of the federal Tax Cuts and Jobs Act of 2017. If approved, the average southern Nevada single-family residential customer bill will be reduced by $4.08 per month, or 2.81percent. The average northern Nevada single-family residential customer will see a reduction of $2.81 per month, or 3.19 percent. The reduction in annual expense as a result of the federal tax reform is beneficial to NV Energy’s local gas distribution customers in northern Nevada as well. The average northern Nevada single-family residential gas customer will see a reduction of $0.47 per month, or 1.18 percent.” (“NV Energy files to lower rates by $84 million to reflect tax reform,” News 4 & Fox 11, 2/15/18)
OceanFirst Financial Corp.
“Oceanfirst Financial Corp. Announces Commitment To Increase The Minimum Hourly Wage To $15.” (Press Release, “OceanFirst Financial Corp. Press Release: “OceanFirst Financial Corp. Announces Commitment to Increase the Minimum Hourly Wage to $15,” OceanFirst Financial Corp., 12/22/17)
Ohnward Bancshares Will Give Every Company Employee A $1,000 Bonus As A Direct Result Of Tax Reform. (“Ohnward Bancshares announces tax relief, holiday bonus,” Clinton Herald, 12/22/17)
Oklahoma Gas & Electric, Public Service Company of Oklahoma, Arkansas Oklahoma Gas Corporation, Oklahoma Natural Gas & Centerpoint Energy
Oklahomans Will Start Seeing Lower Utility Bills As The Oklahoma Corporation Commission Voted To Transfer Tax Reform Savings Onto Customers. “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. Five of the state’s largest utility companies are seeing the largest tax breaks under the new federal law. They are OG&E, PSO, AOG, ONG and Centerpoint Energy. The lowered rates will be retroactive from Jan. 9, so when your bill is lowered you will also see a refund with interest. How that refund will come to you is yet to be determined.” (Jessi Mitchell, “OCC Orders Major Utilities To Transfer New Tax Savings To Ratepayers,” News 9, 1/9/18)
Texas Based Oncor Plans To Return All Tax Cut Benefits To Its Customers Through Lower Rates. “The company delivering electricity to most North Texans would likely save millions from the new corporate tax rate cut. But that entire windfall is expected to go back to consumers. That’s the result of a recently completed rate case where the state’s largest regulated utility agreed to return all tax cut benefits to its customers. The $1.5-trillion tax overhaul hadn’t been completed when Oncor’s rate negotiation with the regulator was settled. And the Public Utility Commission of Texas, the agency that regulates the operations of electricity-distribution companies like Oncor, made sure to cover the possibility of a tax cut.” (Jeff Moiser, “Lower electricity bills for North Texans when Oncor shares tax-cut windfall with consumers,” Dallas Morning News, 1/16/18)
OneMain Holdings, Inc.
OneMain Holdings, Inc. Will Increase Its Minimum Wage And Give Special Bonuses To Employees. “Planning to reinvest a portion of expected tax savings into business, Technology and business operations, Marketing initiatives, Employee minimum wage increase and special bonus payments.” (“4Q 2017 Earnings Presentation,” OneMain Holdings, Inc., 2/14/18)
Alabama Based Otelco Inc. Announced That All Employees Will Receive A $500 Bonus As A Result Of Tax Reform. “The Tax Cut and Jobs Act, enacted in December 2017, affects Otelco’s taxes in 2017, as well as future tax years. Bonus depreciation was increased from 50% to 100%, beginning in 2017, with the Company realizing a benefit of over $0.6 million in fourth quarter 2017. The reduced maximum tax rate has also lowered the Company’s deferred tax liabilities and is reflected in an income tax benefit, raising net income for the quarter and year. ‘We recently announced to our employees that everyone would be receiving a special bonus of $500,’ commented Rob Souza, President and CEO of Otelco. ‘Coupled with the lower tax withholding rate that most employees should experience, everyone should start 2018 with more take home pay.’” (Press Release, “Otelco Reports Fourth Quarter and 2017 Results,” Otelco Inc., 3/5/18)
Pacific Power Plan To Pass Its Savings From Tax Reform Onto Its Customers Through Low Energy Rates. “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. The full impact of this tax change will take several months to calculate. Also, any proposed changes to benefit customers, such as rate reductions, will then require the approval of the state public utility commission. As such, it will take some months before the company will be able to offer proposals on how best to pass these benefits to customers.” (Press Release, “Pacific Power says they will lower rates with tax cuts,” Pacific Power, 1/3/18)
Pattison Sand Company
Pattison Sand Company Gave All Employees A $600 Bonus And Raised Base Pay By Up To $2.50 An Hour. “We did our part too. 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!” (“Thank You Congressman Rod Blum,” Pattison Sand Company)
Payne Trucking Co.
Payne Trucking Co. Will Give Employees With Less Than Six Months Employment Time A $250 Bonus, Those With A Year Of Service A $500 Bonus And Those With Five Or More Yeas A $750 Bonus. “A longtime Fredericksburg-area business owner is giving 81 employees a one-time bonus as a result of the Tax Cuts and Jobs Act passed by Congress in December. … 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.” (Cath Jett, “Payne Trucking turns tax-cut savings into bonuses,” Free Lance-Star, 2/8/18)
PC Connection, Inc. Will Give All Employees A $1,000 Bonus As A Result Of Tax Reform. “Connection (PC Connection, Inc.; NASDAQ: CNXN), a leading technology solutions provider to business, government, and education markets, today announced that it will pay a $1,000 cash bonus to each employee in consideration of their efforts for the year ended December 31, 2017.” (Press Release, “Connection® Awards Employees a One-Time Bonus; Comments on Tax Cuts and Jobs Act of 2017,” Connection, Inc., 2/7/18)
Penske Automotive Group, Inc.
Penske Automotive Group, Inc. Increased Company Matching Of Employee 401(k) Plans From 1.5% To 2.5%. “Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company, announced today 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.” (Press Release, “Penske Automotive Increases 401(k) Matching Contributions,” Penske Automotive Group, Inc., 1/31/18)
Pepco Announced It Plans To File To Have Its Energy Rates Lowered As A Direct Result Of Tax Reform. “Pepco today 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.” (Press Release, “Pepco Outlines Plans To Provide Federal Tax Reduction Benefits To Customers In The District Of Columbia,” Pepco Holdings, 1/5/18)
PepsiCo Will Give Employees Bonuses Due To The Benefits Of Tax Reform. “Bonuses go to those who make PepsiCo’s snacks and drinks, and those who deliver them. Like other major corporations this year, PepsiCo is citing a major overhaul of the nation’s tax code for the bonuses. It did not say how many workers would receive them, or what the criteria is for the size of the bonus.” (“PepsiCo posts flat sales; cuts jobs and issues bonuses,” FOX Business, 2/13/18)
Pfizer Inc. Plans To Pay $100 Million In Bonuses, Make A $200 Million Contribution To The Companies Charitable Foundation And Will Make A $500 Million Contribution To Employee Pension Plans. “The tax law ‘helps level the playing field to make U.S. companies more competitive,’ Pfizer Chief Executive Ian Read said in a call with analysts and investors. As a result of savings from the tax changes, Pfizer made a $200 million contribution to the company’s charitable foundation in the fourth quarter, plans to pay $100 million in bonuses to employees and will make a $500 million contribution to its U.S. pension plan by the end of September. The company said it plans to buy back $5 billion in shares this year and invest $5 billion in manufacturing and other capital projects in the U.S. over the next five years.” (Jonathan D. Rockoff And Imani Moise, “Pfizer Plans $5 Billion Boost in U.S. Manufacturing From Tax Law Changes,” Wall Street Journal, 1/30/18)
Nebraska Based Pinnacle Bank Will Give A $1,000 Bonus To All Of Its Full-Time Employees. (Matt Olberding, “Nelnet, Pinnacle Bank announce plans for tax-related employee bonuses,” Lincoln Journal Star, 12/22/17)
Pioneer Credit Recovery
Pioneer Credit Recovery Will Give Employees A $1,000 Bonus As A Result Of Tax Reform. (Allissa Kline, “In the wake of tax reform bill, Pioneer Credit Recovery workers will receive $1K bonuses,” Buffalo Business First, 12/29/17)
Connecticut Based Pitney Bowes “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.” “Pitney Bowes (NYSE: PBI), 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.” (Press Release, “Pitney Bowes to Make Long-Term Investment in Employees and Clients In Response to Tax Reform,” Pitney Bowes, 1/31/18)
Plexus Corp. Will Repatriate $500 Million Of Offshore Cash And Will Give Full-Time, Non-Executive Employees A Bonus. “Plexus Corp. (NASDAQ:PLXS) today announced that recent U.S. tax reform will enable it to tax-efficiently repatriate approximately $500 million of offshore cash into the United States. As a result, Plexus has established a revised capital allocation plan that is intended to fund growth investments, reduce debt, reward our employees and enhance shareholder value. A summary of the capital allocation plan is summarized below: … In order to reward employees for their contributions towards Plexus’ success, Plexus will provide existing, full-time, non-executive employees a one-time cash bonus. This bonus will be provided in the fiscal second quarter to nearly 16,000 employees, totaling approximately $13 million.” (Press Release, “Plexus Announces Revised Capital Allocation Plan and Employee Bonus,” Plexus Corp., 2/20/18)
PNC Financial Services Group
PNC Financial Services Group Will Give A $1,000 Bonus TO 95% Of Employees, Add $1,500 To Employees Defined Benefit Pension And Raise The Minimum Wage To $15 An Hour. (Patricia Sabatini, “PNC announces bonuses in wake of tax bill,” Pittsburgh Post-Gazette, 12/22/17)
PodcastOne Will Give All Full-Time Employees A $1,000 Cash Bonus. “PodcastOne Founder and Executive Chairman Norman Pattiz announced today that the podcast company will award all full-time employees a $1,000 cash bonus. Pattiz said, ‘There’s no question that cutting the corporate Federal Tax Rate to 21% will have a positive effect on business, ours included. We want our employees to feel the direct benefit of these cuts, especially since because of their efforts we are coming off another record year in 2017. So we say, ‘Thank you to our dedicated staff and job well done.’” (Press Release, “PodcastOne Distributes $1000 Bonus to All Employees, Following Tax Cuts and A Record Year,” PodcastOne, 1/30/18)
Pottle Transportation Will Add 25 Tractors And 25 Trailers To Its Fleet That It Wasn’t Planning To Add As A Result Of Tax Reform Savings. “As transportation companies reap the rewards of tax relief stemming from the new tax law, some CEOs have reinvested the extra cash into new tractor-trailers or bonuses for their employees. … Barry Pottle, CEO of Pottle Transportation, plans to buy 25 tractors and 25 trailers this year, adding capacity to his 170-unit truckload fleet. ‘Before the tax bill, we were planning on trading in trucks, but now we would like to grow our fleet because we think our customers will also benefit and be busier, too,’ Pottle told TT.” (“Tax Law Sparks Questions on Purchases, Raises in Trucking,” Transportation Topics, 2/12/18)
Premera Blue Cross
Premera Blue Cross Will Give 2,600 Employees A $1,500 Bonus As A Result Of Tax Reform Passing. “Premera Blue Cross is pledging to spend $250 million over the next five years in Washington and Alaska to stabilize the individual insurance market, improve access to health care in rural areas and support behavioral health initiatives. The insurance company is using a one-time refund from the Republican tax cut passed in December to pay for these efforts. … The company will also be awarding its employees with a one-time, $1,500 bonus. The company employs 2,600 at its campus in Mountlake Terrace.” (Jim Davis, “Premera pledges $250M of tax cut to health coverage, charity,” Herald Business Journal, 3/12/18)
Protective Life Corporation
Protective Life Corporation Will Give 75% Of Its Employees A $1,000 Bonus As Well As Raiding Its Minimum Wage To $15 An hour. “Protective Life Corporation today added its name to the growing number of companies offering employee bonuses and wage increases following last year’s federal tax reform legislation. The Birmingham-based company is giving a special $1000 bonus to about 75 percent of its employees. Protective Life is also establishing a minimum wage across its employee base of $15 per hour.” (William Thornton, “Protective Life giving employee bonuses, establishing $15 minimum wage,” AL.com, 2/13/18)
Quake Manufacturing Was Able To Give All Employees A $1,000 Bonus As Well As Adding Long-Term Disability, Short-Term Disability And Dental Insurance To Their Benefits Plans. “We’ve heard of big businesses like AT&T giving bonuses to its employees after President Donald Trump’s tax plan. They’re not the only ones. Some small businesses are doing the same. Quake Manufacturing is a small, local business with employees who are pretty close. That’s one reason why their boss decided to give them a nice surprise. … Then, like a lot of bigger companies, Quake realized there was some extra money after Trump’s tax plan took over. So he decided to give it back to his 12 employees. ‘I’ve managed to add long-term disability, short-term disability, dental insurance.’ Plus everyone gets a $1,000 bonus and a paid gym membership. A nice surprise on their next check. ‘I want to reward the guys. Guys have been working hard. A lot of guys have been putting in a lot of overtime. I just don’t see any reason not to kick back to them.’” (Sara Schafer, “Local, small company uses tax cut to reward employees,” WANE, 2/21/18)
Quest Diagnostics Plans To Invest Roughly $75 Million In Tax Reform Benefits Back Into The Company Including Up To $500 Bonuses For Nearly 40,000 Employees. “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.” (Press Release, “Quest Diagnostics Reports Fourth Quarter And Full Year 2017 Financial Results; Provides Guidance For Full Year 2018; Increases Dividend 11% To $0.50 Per Quarter,” Quest Diagnostics, 2/1/18)
Regions Financial Corporations
Regions Financial Corporations Will Increases Minimum Wage To $15 Per Hour, Contribute $40 Million To Benefit Communities, And Increase Capital Investments To Serve Customers. (Press Release, “Regions Announces Long-term Investments in Associates and Communities,” Regions Financial Corporation, 1/2/18)
RGF Environmental Group
RGF Environmental Group Will Give All 140 Employees A $1,000 Bonus. “RGF Environmental Group’s Revenues Peaked in 2017 with 38.7% Growth. In addition to record breaking Christmas bonuses, RGF is starting off 2018 by sharing the wealth with a $1000 New Year’s Bonus to all 140 Employees.” (Press Release, “RGF Management Team Celebrates its Contribution to ‘Making America Great Again’,” RGF Environmental Group, 1/15/18)
Reynolds American Inc. Will Give $1,000 Bonuses To “All Regular, Full-Time Hourly And Salaried Employees Of RAI And Its Subsidiaries.” “Reynolds American Inc. said Wednesday that most of its 5,500 employees will benefit from a one-time $1,000 bonus related to the federal corporate tax rate cut. … Reynolds spokesman David Howard said the bonus will be paid to ‘all regular, full-time hourly and salaried employees of RAI and its subsidiaries, up to and including the level of senior manager.’ This amounts to 4,500 employees. He said the bonus would be paid Friday.” (Richard Craver, “4,500 Reynolds employees to get $1,000 bonus as result of corporate tax-rate cut,” Winston-Salem Journal, 3/7/18)
Rhinegeist Director Of Distribution Dennis Kramer-Win: “We Get To Reinvest More Money Into What We Do, Into Our Infrastructure And Into Our People,’ … ‘We Get To Keep Hiring And Doing Exciting Things And Stuff For Cincinnati.” “’It’s a big deal.’ That’s what Dennis Kramer-Wine, Rhinegeist’s director of distribution, said Thursday night about the controversial tax legislation passed Thursday by Congress. The Tax Cuts and Jobs Act will slash the federal excise tax — a tax on a specific item that is administered at a flat rate rather than a percentage — for all breweries, distilleries and wineries. Rhinegeist produces around 80,000 barrels per year and will pay $3.50 on the first 60,000; the remainder will be taxed at $16 per barrel. … ‘We get to reinvest more money into what we do, into our infrastructure and into our people,’ he said. ‘We get to keep hiring and doing exciting things and stuff for Cincinnati.’” (Kristen Swilley, “Trump tax cuts ‘a big deal’ for small breweries, Rhinegeist manager says,” WCPO, 12/22/17)
Rio Bank Will Give Each Employee A $1,000 Bonus As A Result Of Tax Reform. “The Rio Bank Board of Directors today authorized management to pay each employee of the company a $1,000 bonus check as a result of the passage of the new Tax Cuts and Job Act passed last month by Congress and signed by the President lowering the corporate tax rates in the United States beginning in 2018. The Mission Statement of Rio Bank is ‘Help Our Community Grow.’ The new tax law will benefit Rio Bank customers and immediately impact the employees of Rio Bank with this surplus of tax savings. Chairman of the Board, Dr. Cayatano Barrera said … With the decrease in the tax rates this year, the bank’s Board of Directors felt that the employees who have made the company so successful should see some benefit from this tax reduction. ‘Rio Bank’s employees are the engine that drives our bank. The energy and enthusiasm that each of them chooses to bring to their jobs every day defines the Rio Bank experience for our customers.” said Danny Vela, one of the bank’s Board of Directors.” (Press Release, “RIO Bank Pays Employee Bonuses As A Result Of New Tax Law,” Rio Bank, 1/18/18)
R&L Carriers Will Give Employees Up To $1,000 In Bonuses Due To Tax Reform. “Wilmington-based global transportation company R+L Carriers announced this week it would issue bonuses of up to $1,000 for all its employees, citing the economic benefits from the Tax Cuts and Jobs Act. … Family owned and operated, R+L Carriers began in 1965 with Ralph L. “Larry” Roberts Sr.’s purchase of a single truck. Today, the company serves all 50 states, Canada, Puerto Rico, the Dominican Republic, and many Caribbean islands with nearly 15,000 tractors and trailers, and more than 12,000 employees, stated a media release from the Office of Congressman Steve Stivers.” (“Wilmington-based R+L Carriers employees to receive bonuses,” News Journal, 2/16/18)
Robert W. Baird & CO.
Wisconsin Based Robert W. Baird & CO. Employees Wil Receive Bonuses Of Up To $1,500 Due To Tax Reform. “Milwaukee’s Robert W. Baird & Co. said it will pay cash bonuses of $500 to $1,500 to employees, joining the list of Wisconsin companies passing along some of the benefits of federal tax reform to their workers. All full-time and part-time benefit-eligible employees of the financial services firm — except company leaders — will receive a $1,500 one-time cash bonus. Other part-time associates and long-term interns will receive a bonus of $500, Baird said. Baird leaders will receive the benefit in the form of a $1,500 donation to the charity of their choice, which could amount to an additional $1.2 million being contributed to the community in 2018, the company said.” (Paul Gores, “Milwaukee’s Baird is latest company to pass some benefits of tax reform to employees,” Journal Sentinel, 3/2/18)
Rocky Mountain Power
Rocky Mountain Power Plan To Pass Savings It Sees From Tax Reform Onto Its Customers. “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. … The utility said the full impact of the tax change will take several months to calculate and may require the approval of the Idaho Public Utilities Commission. As a result, Rocky Mountain Power said it would take several months before the company will be able to offer proposals on how best to pass along any benefits from the federal tax law.” (Press Release, “Rocky Mountain Power promises to share tax windfall,” Rocky Mountain Power, 1/4/18)
Royal Hawaiian Heritage Jewelry
Jackie Breeden, Owner Of Royal Hawaiian Heritage Jewelry, Said Tax Reform Will Help Her Expand Her Business. (Jim Mendoza, “Hawaii small businesses have big plans for tax savings,” Hawaii News Now, 12/21/17)
Rush Enterprises Inc.
Rush Enterprises Press Release: “Rush Enterprises Inc. To Provide $1,000 Discretionary Bonus To Employees As A Result Of Tax Reform.” (Press Release, “Rush Enterprises Inc. to provide $1,000 discretionary bonus to employees as a result of tax reform,” Rush Enterprises, 12/21/17)
Alabama based Russel Lands Will Give Full-Time Employees A $500 Bonus. “Another Alabama company has responded to the recent tax reform law by boosting money in employee pockets. Russell Lands, the largest lakeside residential developer in the state, has given full-time employees a $500 check.” (Stephanie Rebman, “Russell Lands responds to tax reform law with bonus check,” Birmingham Business Journal, 1/12/18)
Saban Capital Group
Saban Capital Group Will Give Employees A $1,000 Bonus Due To The Enactment Of Tax Reform. “A major media investment group announced Friday that it will give employees a $1,000 bonus as a result of the Republican tax bill that passed into law in December. Haim Saban, the founder of Saban Capital Group, and his wife wrote a letter to employees saying they were ‘inspired by what Bob Iger has done for Disney employees’ and recognized the recent legislation’s tax cuts for corporations, according to The Hollywood Reporter. ‘As you may know, at the end of 2017, the Federal government enacted the most fundamental tax reform since 1986. These reforms are impacting our company in different ways, including a lower tax rate,’ the Sabans wrote. ‘We recognize and appreciate your hard work and dedication.’” (Josh Delk, “Media group announces bonuses due to tax cuts,” The Hill, 2/3/18)
Sheely’s Furniture Will Give All Full-Time Employees A $1,000 Bonus And All Part-Time Employees A $500 Bonus As A Result Of Tax Reform. “Over 140 employees for a local furniture store will feel their wallets get a lot bigger. Sheely’s Furniture and Appliance President and CEO, Dale Sheely Jr. announced the bonuses Tuesday morning. The cause — tax reform, a growing retail footprint, and creating a better working environment for employees. The bonuses will be given throughout the first quarter of 2018. Full-time employees will receive $1,000 in cash and part-time employees will get $500. The store also announced a 4,500 square foot expansion to make Sheely’s Bargain Bonus center. The new space will offer exclusive purchases.” (Nicolette Pizzuto, “Sheely’s Furniture & Appliance sees benefit of tax reform, offers cash bonuses,” WKBN, 2/20/18)
Ohio Based Sheffer Corporation Will Give All Of Its Employees A $1,000 Bonus. (Press Release, “Portman Tours Sheffer Corporation as Employees Receive Bonuses After Tax Reform Bill Signed Into Law,” Senator Rob Portman, 1/2/18)
Georgia Based Shred-X “Plans To Use The Additional Savings From Tax Reform To Buy A New Truck And Potentially Hire A New Employee.” “In Griffin, Shred-X, a small business providing paper shredding and recycling services to over 3,000 clients throughout Atlanta and central Georgia, plans to use the additional savings from tax reform to buy a new truck and potentially hire a new employee. For a company of ten people, that makes a huge difference.” (Rep. Drew Ferguson, “Ferguson: The benefits of tax reform are already visible,” Lagrange Daily News, 2/4/18)
Sinclair Broadcasting Group
“Sinclair Broadcast Group Announces $1,000 Special Bonus As A Result Of Tax Reform.” (Press Release, “Sinclair Broadcast Group Announces $1,000 Special Bonus As A Result Of Tax Reform,” Sinclair Broadcast Group, 12/22/17)
Solara Hospitality Will Give Bonuses Of Up To $500 To All Hourly Paid Employees. “Columbia-based Solara Hospitality, developer and owner of Marriott franchised hotels in the Midlands, said it plans to provide a cash bonus of up to $500 for all hourly-paid hotel employees. The plan for the bonuses was announced at a press conference.” (“Columbia’s Solara-group hotel employees to get bonuses,” Cola Daily, 2/23/18)
Somerset Savings Bank
All Somerset Savings Bank Employees, Excluding Senior Management, Will Receive A $750 Bonus. “Somerset Savings Bank announced today that, following the enactment of the new federal tax reform legislation, it will distribute a special cash bonus to its employees. Every employee, excluding senior management, will receive a one-time $750 bonus.” (“Somerset Savings Bank Announces Bonus to Employees,” Centraljersey.com, 1/23/18)
Sound Community Bank
As A Result Of Tax Reform, Sound Community Bank Will Be “Enhancing Employee Incentive Compensation, Expanding Charitable Giving And Implementing A Down Payment Assistance Program For First Time Homebuyers.” “Responding to H.R. 1, the Tax Cuts and Jobs Act, Sound Community Bank is set to implement a series of employee and community benefits in 2018. At the Annual Employee Meeting on February 3rd, President and CEO Laurie Stewart unveiled a suite of employee and community initiatives. These include enhancing employee incentive compensation, expanding charitable giving and implementing a down payment assistance program for first time homebuyers.” (Press Release, “Sound Community Bank Responds to Tax Reform Bill,” Sound Community Bank, 2/9/18)
South Point Hotel, Casino & Spa
Las Vegas South Point Owner Doubles Bonuses For 2,300 Full-Time Workers. “The owner of the property known for its equestrian roots in the southern part of the city announced Thursday that he’s doubling his 2,300 full-time workers’ bonuses thanks to a $1 million windfall he’ll receive as part of President Trump’s tax reform plan … Gaughan said on average, employees would receive just under $500 each, while some of the higher-compensated workers would get between $700 and $2,300.” (Richard N. Velotta & Nicole Raz, “Las Vegas South Point Owner Doubles Bonuses For 2,300 Full-Time Workers, Las Vegas Review-Journal, 1/4/18)
Southwest Airlines Co.
Southwest Airlines Co. Announces It’s Plans To Give A $1,000 Bonus To All Full-Time And Part-Time Employees Due To Tax Reform. (Press Release, “Southwest Airlines Rings In The New Year Under Tax Reform With Employee Bonus, Charitable Contribution, And Further Investment In Its Boeing Fleet Release,” Southwest Airlines, 1/2/18)
South State Bank
South Carolina Based South State Bank Will Give Full-Time Employees A $1,000 Bonus And Part-Time Employees A $500 Bonus. “South State Bank is pleased to announce that as a result of excellent financial performance and the recent federal tax reform efforts, it will be rewarding its teams with $2.7 million. 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.” (Press Release, “South State Bank Announces $2.7 million Employee Bonus,” South State Bank, 1/26/18)
SpartanNash “Will Issue Bonuses, Raise Wages And Invest In Employee Training In The First Quarter Of 2018” Due To The Passing Of Tax Reform. “A locally based grocery store chain plans to re-invest half of its savings from federal tax reform into employee compensation and one of its brands. David Staples, the CEO of Byron Center-based SpartanNash, which is also a food distributor, said in a conference call to investors yesterday the company will issue bonuses, raise wages and invest in employee training in the first quarter of 2018. … The bonus amounts will vary depending on the employee’s position and market, as will the wage increases, Gremel said. She noted those in entry-level roles or just beyond will benefit the most. … Staples said the bonuses and wage hikes will be spread across the company’s retail and distribution segments but will be ‘a little tilted to retail.’ Bonuses and wage increases will be paid starting March 9 and continue throughout the first quarter.” (Rachel Watson, “Grocery chain investing in employees and brand after tax reform,” Grand Rapids Business Journal, 2/23/18)
Spire Inc. Will Pass Its Savings From Tax Reform Onto To Its Customers Through Lower Rates. “On January 18, 2018, the MoPSC issued an order directing Spire and the MoPSC Staff to file information regarding adjustments to Spire’s rates needed to reflect the impact of tax reform under the Tax Cuts and Jobs Act. … Management believes that excluding the impacts of tax reform provides visibility into the true run-rate earnings of the Company. Contribution margin adjusts revenues to remove the costs that are directly passed on to customers and collected through revenues, which are the wholesale cost of natural gas and propane and gross receipts taxes.” (Press Release, “Spire Reports First Quarter Results,” Spire Inc., 2/1/18)
Sprouts Farmers Market
Sprouts Farmers Market Will Invest $10 Million Into Improving Team Member Pay As A Result Of Tax Reform. “Phoenix-based Sprouts Farmers Market discussed its fourth quarter earnings, plans for Mid-Atlantic expansion and plans for its approximately $30 million tax reform savings during a call held Feb. 22. … The company also said it plans to use about one third of the savings from the recently-passed tax reform for ‘investments’ in employees. ‘to ensure we remain in a leadership position to attract the right talent, we will further invest in our team members by improving pay and improved benefits such as healthcare and expanding maternity leave,’ Maredia said. ‘We will invest an additional $10 million, or approximately one-third of our tax savings, for our team members in 2018.’” (“Sprouts plans to invest tax reform savings in employee programs,” Produce Retailer, 2/23/18)
Starbuck Is Giving Employees A Pay Raise As Well As Giving Employees At Stores, Support Centers Or Bean Roasting Plants $500 Worth Of Stock, With Store Managers Will Receive $2,000 Worth Of Stock. “Starbucks said workers will get a pay raise in April, their second increase this year. The company declined to specify how much more workers will be paid or what it pays them now. The job and recruiting site Glassdoor says baristas make about $9.60 an hour, based on an average of salaries shared by Starbucks employees. The company will give at least $500 worth of Starbucks stock in April to employees at stores, support centers or bean roasting plants. Store managers will get $2,000 in stock grants. Those amounts are on top of what those workers were already going to receive this year, the Seattle-based company said.” (Joseph Pisani, “Starbucks Gives Workers Raises, Stock Grants Due To Tax Law,” Associated Press, 1/24/18)
Starbucks Employees Will Also Receive Expanded Parental Leave Benefits And Be Able To Earn Paid Sick Leave. “Starbucks is giving its U.S. workers pay raises and stock grants this year, citing recent changes to the tax law. All employees will soon be able to earn paid sick time off, and the company’s parental leave benefits will include all non-birth parents. Starbucks Corp. said Wednesday that the changes affect about 150,000 full-time, part-time, hourly and salaried employees, most of whom work as baristas or shop managers. The new benefits apply to workers at more than 8,200 company-owned stores but not at the 5,700 licensed shops like those found inside supermarkets.” (Joseph Pisani, “Starbucks Gives Workers Raises, Stock Grants Due To Tax Law,” Associated Press, 1/24/18)
St. John Properties, Inc.
St. John Properties, Inc. Will Give Its Employees A $1,500 Bonus Due To The Tax Cuts And Jobs Act Of 2017. Of The “Developer St. John Properties, Inc. is awarding its employees a one-time cash bonus of $1,500 in response to the recent federal tax plan passed by Congress. The Baltimore-based real estate development and management company said Monday its 180 workers would receive the bonus this month in their paychecks as a result of corporate tax savings allocated under the Tax Cuts and Jobs Act of 2017.” (Melody Simmons, “St. John Properties doling out bonuses in response to tax reform,” Baltimore Business Journal, 2/12/18)
Suit-Kote Corporation Will Give Employees An Average Raise Of $1,400 Due To The Passing Of Tax Reform. “Paul Walts is getting a raise this year, thanks to the GOP tax plan. So is Louis Morgan. So are about 800 other employees at Suit-Kote Corporation. The Cortland paving company is doling out raises and retirement bonuses using money saved from the new Republican-led tax plan. … Walts, Morgan and a few dozen other employees watched Thursday as President and CEO Frank Suits Jr. announced the wage hikes to media alongside U.S. Rep. Claudia Tenney. The average raise, Suits said, will be about $1,400. The company also increased its 401K contributions by about $1 million.” (Chris Baker, “CNY paving company dishes out raises, credits them to GOP tax plan,” Syracuse.com, 2/22/18)
Stifel Financial Corp.
Missouri Based Stifel Financial Corp. Will Give Employees A $1,500 Bonus Due To The Passage Of Tax Reform. (“Stifel Gives Staffers Special Tax-Gift Bonus,” AdvisorHub, 12/26/17)
Summit State Bank
California Based Summit State Bank Announced A $2,000 Bonus To All Of Its Non-Executive Employees. (James Dunn, “Summit State Bank employees get Trump-administration windfall,” North Bay Business Journal, 12/29/17)
Sundance Vacations Will Give Over $125,000 In Bonuses To Its Employees. “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. Sundance Vacations president John Dowd cited two tax reform factors that he believes will positively impact company profits. ‘Additional take home pay for many Americans will likely lead to robust vacation sales for the company this year,’ projects Dowd. ‘And the ability to deduct some business expenses upfront rather than depreciate them over multiple years will be a major factor for company profitability.’ Sundance Vacations decided to award individual bonuses to staff members similar to corporate giants like Apple and AT&T. The immediate bonuses are in addition to the reduction in tax withholding that Americans will benefit from beginning in February. 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.” (Press Release, “Sundance Vacations is Giving Employees Immediate Bonuses After Congress Passes Tax Reform Bill,” Sundance Vacations, 1/30/18)
SunTrust Bank Announced It Will Raise It’s Minimum Wage To $15 An Hour, Make An Additional Contribution To Employee 401(k) Plans And Fund A $1,000 Financial Incentive For All Employees Who Complete A Financial Fitness Program. (Tom Bailer, “Banks cite tax reform in giving raises, bonuses,” Commercial Appeal, 1/3/17)
Sussex Wire Inc.
Sussex Wire Inc. Plans To Invest Its Tax Reform Benefits Into More Workers, Equipment And Technology. “It’s a reason Kardish, president and CEO of Sussex Wire Inc., invited U.S. Sen. Pat Toomey to his Palmer Township manufacturing plant on Monday to discuss the pros of the so-called “Tax Cuts and Jobs Act,” the first sweeping federal tax legislation since Ronald Reagan was president during the 1980s. … Kardish, who serves on the Greater Lehigh Valley Chamber of Commerce’s Manufacturing Council, said the tax law will provide his 58-employee company two immediate benefits. The first is “free cash flow” from a reduction in the federal corporate tax rate from 35 percent to 21 percent — enabling him 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.” (Anthony Salamone, “CEO: Lehigh Valley small businesses to benefit from federal tax overhaul,” The Morning Call, 1/29/18)
Swickley Spa Will Give Employees Raises Averaging From 2% To 5% And Bonuses That Averaged 2.5%. “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. ‘My staff needed a morale booster,’ said Ms. Andreas. She welcomes the federal tax changes because she expects them to translate to savings she can pump back into spending for new equipment and at least two more employees.” (Joyce Gannon, “Some business owners applaud tax reform. Some fear it ‘is going to damage the middle class.’,” Pittsburgh Post-Gazette, 2/5/18)
Synovus Financial Corp.
Georgia Based Synovus Financial Corp.: “Synovus Financial Corporation in Columbus, Ga., said it would give a $1,000 bonus to all full-time and part-time non-executive employees.” (“Additional Announcements of Post-Tax Reform Bank Actions,” ABA Banking Journal, 1/22/18)
Taco John’s International, Inc. Gave Employees Bonuses Of Up To $1,000 As Well As Donating $10,000 To “CORE, A National Not-For-Profit Organization That Grants Support To Children Of Food And Beverage Service Employees Who Are Navigating Life-Altering Circumstances.” “Taco John’s International, Inc. announced today that in response to the 2018 Tax Cut and Jobs Act, the company gave part of its projected tax savings to its restaurant crews, general managers, corporate staff and CORE (Children of Restaurant Employees). On Friday, Feb. 23, Taco John’s International, Inc.’s employees received a one-time bonus, as follows: Every restaurant crew member – full time and part-time – received $200 (after taxes); General managers and employees at the Taco John’s Franchisee Support Center in Cheyenne received $1,000 each; and, The Executive Council of Taco John’s International, Inc. (Vice Presidents and above) donated their $1,000 bonuses (a total of $10,000) to CORE, a national not-for-profit organization that grants support to children of food and beverage service employees who are navigating life-altering circumstances.” (Press Release, “Taco John’s International, Inc. Shares Tax Reform Benefits With Employees And Surrounding Communities,” Taco Johns International, Inc., 2/28/18)
TCF Financial Corp.
TCF Financial Corporation Announced It Will Give $1,000 Bonuses To Full-Time Employees And $500 To Part-Time Employees As A Result Of The Tax Cuts and Jobs Act. (Press Release, “TCF Financial Corporation Announces Estimated Impact of Tax Reform,” TCF Financial Corporation, 12/26/17)
Territorial Savings Bank
Hawaii Based Territorial Savings Bank Will Give All Employees Below The Vice President Level A $1,000 Bonus And Will Raise The Minimum Wage To $15 An Hour As A Result Of Tax Reform. (Dave Segal, “Territorial joins other banks in giving out bonuses and raising minimum wage,” Honolulu Star Advertiser, 12/27/17)
Texas Capital Bank
Texas Capital Bank Will Give A $1,000 Bonus To A Majority Of Its Employees. (Press Release, “TCB Delivers Special Holiday Bonuses To Employees,” Texas Capital Bank, 12/22/17)
The Flood Insurance Agency
The Flood Insurance Agency Will Give $1,000 Bonuses To All Full-Time Employees. (“A Bright American Future,” The Flood Insurance Agency)
The Hartford Financial Services Group
The Hartford Financial Services Group Will Give All Employees Making Less Than $75,000 A Year A $1,000 Bonus Due To Tax Reform. “The Hartford Financial Services Group Inc. on Friday became the latest company to announce 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.” (Stephen Singer, “The Hartford, Citing US Tax Overhaul, Gives $1,000 Employee Bonuses,” Hartford Courant, 1/5/18)
Thermo Fisher Scientific Inc.
Thermo Fisher Scientific Inc. Will Give All Non-Executive Employees A $500 Bonus And Invest $16 Million To Accelerate Key Breakthrough R&D Programs. “Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, will make additional investments totaling $50 million as a result of the benefit of recently enacted Federal tax reform legislation in the U.S. This investment includes: $34 million for a one-time bonus of $500 to be paid to each of the company’s approximately 68,000 eligible non-executive employees global. $16 million to accelerate key breakthrough R&D programs and also to increase the impact of the company’s sustainability initiatives and philanthropic activities in support of STEM (Science, Technology, Engineering and Math) education.” (Press Release, “Thermo Fisher Scientific Uses Tax Reform Benefit to Make Additional Investments in Colleagues, Customers and Communities,” Thermo Fisher Scientific Inc., 1/31/18)
TJX Cos. Inc.
TJX Cos. Inc. “Will Spend About $100 Million” On Employee Bonuses, Increased Retirement Fund Contributions And Donations To Its Charitable Foundation. “TJX Cos. Inc. also announced it would use federal tax reform savings to give one-time cash bonuses to non-bonus-plan associates globally, increase its contribution to all associates’ retirement plans, and institute paid parental leave and enhanced vacation benefits for eligible U.S. workers. It will also accelerate planned investments in technology, store growth and upgrading its store experiences, and raise its quarterly dividend. TJX will spend about $100 million on the bonuses, increased retirement fund contributions and donations to its charitable foundations, and the majority will go to bonuses. The paid parental leave policy includes four weeks for eligible U.S. associates. And eligible U.S. store and district hourly associates will now get paid vacation after six months of employment, instead of 12 months.” (Donna Goodison, “TJX shares soar thanks to sales hike,” Boston Herald, 3/1/118)
Total System Services Inc.
Georgia Based Total System Services Inc. Will Give All Employees Below The Director Level A $1,000 Bonus As A Result Of Tax Reform Legislation. (Eric Mandel, “UPDATE: TSYS credits tax reform for $1K ‘one-time cash bonus’ to team members,” Atlanta Business Journal, 1/2/18)
Wisconsin Based Town Bank Will Raise Its Minimum Wage To $15 An Hour As A Result Of Tax Reform. “Town Bank is joining a growing list of Wisconsin and national banks in raising the minimum hourly wage for employees to $15. Town Bank, a Hartland-based bank owned by Wintrust Financial Corp., of Rosemont, Ill., said Wednesday 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.” (Paul Gores, “Citing tax reform, Town Bank joins other banks in raising minimum hourly pay to $15,” Milwaukee Journal Sentinel, 1/24/18)
Travelers Cos. Inc.
Travelers Cos. Inc. Will Give All Employees With A Base Salary Of $75,000 Or Less A $1,000 Bonuses And Will Increase Its Minimum Wage To $15 An Hour. (Stephen Singer, “Travelers Cites US Tax Overhaul In Pledging $1,000 Worker Bonus,” Hartford Courant, 12/22/17)
Traverse City State Bank
Traverse City State Bank Will Give Employees A $750 Bonus As A Result Of Tax Reform. “Sweeping federal legislation that provides lucrative tax cuts to businesses also is helping to fatten the wallets of Traverse City State Bank’s employees. The bank announced in February that it was giving each of its 90 employees a one-time $750 bonus because of the federal tax overhaul that President Donald Trump signed in December and the bank’s strong performance last year. ‘The tax reform has aided us in returning more funds to our staff in their paychecks and in turn, these bonuses will provide an additional boost to our local economy,’ said bank CEO Connie Deneweth.” (“Tax Cuts A Boon For TC Businesses,” Traverse City State Bank, March 2018)
Turning Point Brands, Inc.
Turning Point Brands, Inc. Announced $1,000 Bonuses For All Employees “As A Direct Result Of Tax Reform Becoming Law.” (Press Release, “Turning Point Announces New Round of Employee Bonuses Thanks to Tax Reform,” Turning Point Brands Inc., 12/28/17)
Tucson Electric Power Co.
Tucson Electric Power Co. Will Pass “Millions Of Dollars” In Savings From Tax Reform Onto Its Customers In The Form Of Lower Rates. “Tucson Electric Power Co. says it is looking at different ways to return potentially millions of dollars in benefits to customers from the recently enacted federal tax-reform law. But just how much TEP and its sister rural utilities, UNS Electric and UNS Gas, will return to ratepayers is unsettled, and the companies have suggested allocating part of the tax windfall to offset increasing costs. The Arizona Corporation Commission recently prompted all state-regulated utilities to come up with plans to return to customers the savings from a cut to the top corporate tax rate, to 21 percent from 35 percent.” (David Wichner, “Tucson Electric Power mulling ways to rebate income-tax savings to customers,” Arizona Daily Star, 2/2/18)
Tyson Foods Inc.
Tyson Foods Inc. Will Give More Than $100 Million In Cash Bonuses For Employees. “Tyson on Thursday reported a first-quarter profit of $1.63 billion, or $4.40 a share, compared with $593 million, or $1.59 a share, a year ago. The new U.S. tax law contributed to a $790 million benefit for the quarter, and Tyson said it plans to spend more than $100 million on one-time cash bonuses for workers this year as a result.” (Jacob Bunge, “Tyson Sees Meat Prices Rising With Freight Costs: ‘Ultimately, the Consumer’s Going to Pay’,” The Wall Street Journal, 2/8/18)
U-Haul Will Give Full-Time Employees A $1,200 Bonus And Part-Time Employees Will Get A $500 Bonus. “Officials with U-Haul say Friday its employees will receive a one-time bonus, as a result of the tax cut bill that was signed by President Donald Trump. According to a statement, full-time team members will get a $1,200 bonus, while part-time employees will get $500. The bonuses, which will be issued by the end of February, will cost the company $23 million. Officials say over 28,000 workers will benefit from the bonus, with more than 3,800 of those in Arizona.” (“U-Haul to give its employees a one-time bonus, as a result of tax cut,” FOX 10, 2/9/18)
UPS Announced More Than $12 Billion In Investments Including Significantly Increasing Pension Funding Due To Tax Reform. “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.’” (Press Release, “UPS Boosts Investments by $12 Billion on Favorable Tax Law Impact,” UPS, 2/1/18)
Kansas Based United Bank Raised Hourly And Salaried Employee Wages By $100 A month. “Marysville, Kan.-based United Bank and Trust raised hourly and salaried employees’ wages by $100 per month.” (“Banks Continue Rolling Out Post-Tax Reform Bonuses, Community Investments,” ABA Banking Journal, 1/16/18)
Unity Bancorp Inc.
Unity Bancorp Inc. Wil Provide All Employees, Excluding Executive Management, With $750 Bonuses. (Press Release, “Employees provided Bonuses in Response to Federal Tax Legislation,” Unity Bancorp Inc., 12/26/17)
“Unum Boosts Parental Leave, Employee Pay, Adds $1 Million To Community Giving.” “On the heels of announcing record financial results for 2017, Unum (NYSE: UNM) today said, in addition to the existing all-employee annual bonus program, it is investing in its people and communities with a new paid parental leave benefit for both mothers and fathers in the U.S.; enhancements to the compensation program so that all U.S. employees earn at least $15 an hour; and an additional $1 million in charitable contributions this year in support of the communities where Unum employees live and work.” (Press Release, “Unum boosts parental leave, employee pay, adds $1 million to community giving,” UNUM, 2/1/18)
U.S. Bank To Invest In Employees With $1,000 Bonuses And Raising Minimum Wage (“U.S. Bank To Invest In Employees, Community And Customers As A Result Of Tax Reform Package,” U.S. Bancorp, 1/2/18)
U.S. Special Delivery
“U.S. Special Delivery Employees Receive $1000 Bonus.” “With the recent tax reform, plenty of businesses got a big tax cut. That included Upper Peninsula–based U.S. Special Delivery, who got a little bit more spending money for the year, thanks to that tax cut.” (Kellan Buddy, “U.S. Special Delivery employees receive $1000 bonus,” ABC 10, 2/9/18)
As A Result Of Increased Earnings Due To Tax Reform, Verizon Will Give About 155,000 Employees Around $2,500 In Stocks. “Verizon says employees, other than top management, will receive 50 shares of restricted stock, the price of which will be set on February 1. About 155,000 employees will be affected, Verizon CEO Lowell McAdam told CNBC’s ‘Fast Money: Halftime Report’ on Tuesday. 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.” (David Faber, “Verizon Says Many Workers Will Receive Shares Of Stock,” CNBC, 1/23/18)
“Verizon Quarterly Profit Jumps, Helped By Tax Reform.” “Verizon Communications Inc on Tuesday reported a jump in quarterly profit, helped by tax reform and the addition of phone subscribers. The No. 1 U.S. wireless carrier said last week a tax-overhaul bill signed into law by U.S. President Donald Trump late last year will result in a one-time reduction in net deferred income tax liabilities of about $16.8 billion … The company said that for 2018, it expects full-year revenue to grow at a low single-digit percentage rate and service revenue growth to turn positive around the end of 2018 or early 2019. It also expects low single-digit percentage growth in adjusted earnings per share, excluding the impact of tax reform and a new accounting standard it has adopted.” (Staff, “Verizon Quarterly Profit Jumps, Helped By Tax Reform,” Reuters, 1/23/18)
Vermont Gas Will Reduce Customer Costs By $2.4 Million Due To The Savings It Will See From Tax Reform. “Vermont Gas announced today that it will reduce 2018 customer costs by $2.4 million, the full benefit of December’s federal tax law changes. Vermont Gas has filed a notice with the Vermont Public Utility Commission to give customers a monthly credit on 2018 bills, starting February 1st and continuing through October 2018. Each of Vermont Gas’ 51,000 customers will receive a credit on their heating bill, based on usage, over the next eight months. For families, this bill credit will total almost $40 over the year; businesses could see even more.” (Press Release, “Vermont Gas Customers Receive $2.4 Million Cost Reduction,” Vermont Gas, 1/23/18)
Verst Logistics Gave All Full-Time Employees A $500 Bonus As A Result Of Tax Reform. “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.’” (Press Release, “Verst Logistics Distributes Tax Bonuses To Employees Due To Tax Law Change,” Verst Logistics, 1/24/18)
Visa “Said Monday It Will Strengthen Contributions To Employees’ 401(K) Savings Plans, As A Result Of The Recently Passed Republican Tax Law.” (Kayla Tausche & Chloe Aiello, “Tax Reform Prompts Visa To Raise 401(K) Match For Employees,” CNBC, 1/8/18)
Walmart Announced It Will Raise Its Minimum Wage To $11 An Hour, Expand Maternity And Parental Leave As A Result Of Tax Reform. “Walmart’s workers will soon reap the benefits of the recent tax law changes, as the world’s largest private employer raises its starting wage, creates new benefits and distributes bonuses to eligible workers. The big-box retailer announced Thursday it will increase its starting wage rate for hourly employees in the U.S. to $11, and expand maternity and parental leave benefits. Currently, Walmart’s starting wage is $9 until workers complete a training program. Then, they receive $10.” (Lauren Thomas And Courtney Reagan, “Walmart to raise its starting wage to $11, give some employees bonuses following tax bill passage,” CNBC, 1/11/18)
Walmart Will Also Give Bonuses Ranging From $200 To $1,000 Depending On The Employees Length Of Service. “Walmart will also pay a one-time cash bonus to eligible employees of as much as $1,000. The payouts, which should total roughly $400 million, will result in a one-time charge that the company will take in its fiscal fourth quarter. The bonuses will be determined by an employee’s length of service. Those workers with more than 20 years of experience will qualify to receive the full $1,000. However, workers with less than two years of experience will receive $200, a Walmart spokesman told CNBC. Employees with 15 to 19 years of service at Walmart will receive $750, while those with 10 to 14 years of work there will receive a $400 bonus, he said. Five to nine years of experience merits a $300 bonus, while two to four years of service will result in a payout of $250.” (Lauren Thomas And Courtney Reagan, “Walmart to raise its starting wage to $11, give some employees bonuses following tax bill passage,” CNBC, 1/11/18)
Seattle Based Washington Bank Announced A 5% Increase In Merit-Based Wages For All Employs Making Less Than $100,000 Annually As Well As Investing More In Employee Training Programs. (Dave Gallagher, “Washington bank announces pay raises, investment after tax reform passage,” The Bellingham Herald, 12/20/17)
“Washington Gas Announces Plans To Deliver $34 Million In Savings From Federal Tax Rate Reduction To Customers In The District Of Columbia, Maryland And Virginia.” “Washington Gas, a WGL Holdings, Inc. company (NYSE: WGL), announced plans today to file with state regulatory commissions in all three of its service territories, including the District of Columbia, Maryland, and Virginia, to pass through annual tax savings to the more than 1.1 million customers that the company serves across the region. If the recommendations are approved, Washington Gas has committed to providing a reduction in customer rates that would lower annual customer bills by approximately $34 million, beginning in the first quarter of 2018. The federal tax savings are driven by the Tax Cuts and Jobs Act of 2017, a new law passed on December 22, 2017, that went into effect on January 1, 2018. Reducing the corporate income tax rate from 35 percent to 21 percent lowers the amount that Washington Gas will have to pay in federal income tax.” (Press Release, “Washington Gas Announces Plans to Deliver $34 Million in Savings from Federal Tax Rate Reduction to Customers in the District of Columbia, Maryland and Virginia,” Washington Gas, 1/8/18)
Washington Trust Bancorp, Inc
Washington Trust Bancorp, Inc. “Will Award A One-Time Cash Bonus Of $1,000 To Full-Time Employees And A $500 Cash Bonus To Part-Time Employees.” “Washington Trust Bancorp, Inc., (NASDAQ:WASH), parent of The Washington Trust Company, today announced that as a result of the anticipated reduction in corporate taxes from the Tax Cuts and Jobs Act, the Corporation will invest in its employees with special compensation enhancements implemented in January 2018. … 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.” (Press Release, “Washington Trust Announces Employee Compensation Enhancements,” Washington Trust Bancorp, Inc., 1/16/18)
Waste Management, Inc.
Waste Management, Inc. Will Give All North American Employees Not Already On A Bonus Or Incentives Plan. “Waste Management, Inc. (NYSE: WM) announced today that, in light of the meaningful contributions of its employees and the new U.S. corporate tax structure, the company will distribute US $2,000 in 2018 to every North American employee not on a bonus or sales incentive plan; that includes hourly and other employees.” (Press Release, “Waste Management to Pay Special Bonuses to Hourly and Other Employees,” Waste Management, Inc., 1/10/18)
Webco Industries Will Employees Up To A $2,000 Bonus Based On Service Time With The Company As A Result Of Tax Reform. “Webco Industries based in Sand Springs is the latest employer to give workers a bonus following the passage last year of the Trump Administration’s tax plan. Webco says each employee was given $1,000 if they’ve been there for a year or more. Employees who have been there for a significant amount of time, were given $2,000. Webco says they had more than a million dollars total to distribute to their employees, many of whom are in Sand Springs.” (“Sand Springs Firm Hands Out ‘Tax Cut’ Bonuses,” Newson6.com, 3/7/18)
Connecticut Based Webster Financial Is Pledging To Raise Its Minimum Wage To $15 An Hour As Well As Give Non-Executive Employees $1,000 Bonuses. “Webster Financial got in line with other companies boosting pay for employees after the federal tax cuts, pledging to raise its minimum wage to $15 an hour by the end of 2018, also awarding $1,000 cash bonuses to non-executive employees representing about 70 percent of its workforce. The Waterbury company runs Webster Bank and its HSA Bank division that administers health savings accounts, with more than 30 branches in southwestern Connecticut, a fifth of its total branch network. As of September, Webster reported having nearly 3,300 employees, up more than 100 from the start of the year, in a Federal Deposit Insurance Corp. filing. Under new CEO John Ciulla, Webster is also adding $1 million to its annual charitable and community contributions.” (Alexander Soule, “Connecticut bank goes to $15 minimum wage, bonus,” The Hour, 1/4/18)
“Wells Fargo To Raise Minimum Hourly Pay Rate To $15, Target $400 Million In 2018 Philanthropic Contributions, Including Expanded Support For Small Businesses And Homeownership.” (Press Release, “Wells Fargo To Raise Minimum Hourly Pay Rate To $15, Target $400 Million In 2018 Philanthropic Contributions, Including Expanded Support For Small Businesses And Homeownership,” Wells Fargo & Company, 12/20/17)
Kansas Based Westar Energy Will Use The Full Amount Of Savings From Tax Reform To Lower Rates For Customers. “Today 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 file 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.” (Press Release, “Westar Energy to reflect federal tax cut in utility rates,” Westar Energy, 1/18/18)
Western Alliance Bancorp
Western Alliance Bancorp Will Increase The Base Pay Of The Lowest-Paid 50% Of Employees By Around 10% As Well As Increase Contributions To Employee 401(K) Plans. (Rachel Louise Ensign And Christina Rexrode, “Banks Are Getting a Big Tax Cut. Wells Fargo, Others Plan to Share It With Employees,” Wall Street Journal, 12/20/17)
Western & Southern Financial Group
Western & Southern Financial Group Will Give Full-Time Employees A $2,000 Bonus And Part-Time Employees A $1,000 Bonus. “Downtown Cincinnati insurance giant Western & Southern Financial Group is the latest local company to give its employees bonuses at least partly as a result of the corporate tax cut. And its bonuses are bigger than most. Western & Southern, the $47 billion-in-assets life insurer with real estate and investment units, will give full-time employees a $2,000 bonus. It will give part-time employees a $1,000 bonus. But its bonuses are tied to company performance. CEO John Barrett said the company is paying those bonuses to recognize employees’ contributions to the company meeting its 2017 financial goals. But he also cited tax reform as spurring those results.” (Steve Watkins, “Western & Southern latest Cincinnati company to hand out tax cut-related bonuses (and these are bigger),” Cincinnati Business Courier, 1/8/18)
Willis Lease Finance Corporation
Willis Lease Finance Corporation Will Give All Non-Executive Employees A $1,000 Bonus As A Result Of Tax Reform. “Willis Lease Finance Corporation today 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.” (Press Release, “Willis Lease Finance Gives Employee Bonus Driven By New Tax Laws,” Willis Lease Finance Corporation, 1/19/18)
Windsor Federal Savings
Windsor Federal Savings Will Give All Non-Senior Management Employees A $250 Bonus And Will Raise The Minimum Wage To $15 An Hour For All Full-Time Hourly Employees. (Press Release, “Windsor Federal Savings Announces Tax Reform Bonuses, Minimum Wage Increase,” Windsor Federal Savings, 12/21/17)
Windy Hill Foliage
Windy Hill Foliage Will Give All 180 Employees A Bonus Of Up To $1,200 Due To Tax Reform. “Windy Hill Foliage will give its 180 employees bonuses of up to $1,200, thanks to the tax reform package recently passed by Congress and signed by President Donald Trump. … Windy Hill is a family-owned company founded by Jack and Janice Shortt in 1976 and is a cargo and freight transportation business.” (Mitchell A. Skurzewski, “Marshfield’s Windy Hill Foliage to give employees bonuses of up to $1,200 after tax cuts,” Marshfield News Herald, 3/10/18)
WIRCO Inc. Announced That All Employees Will Receive A $500 Bonus As A Result Of Tax Reform. “Following the tour, Wright announced that he would be giving every Wirco employee a $500 bonus as a result of the savings the company would see from federal tax reform passed by Republicans in late 2017. Rokita, along with the rest of Indiana’s Republican delegation, had voted in favor of those large business tax rate cuts.” (Steve Garbacz, “Rokita tours Wirco plant, talks workforce,” KPC, 2/19/18)
Ohio Based Worldpay Inc. Will Be Giving Employees Bonuses And Improving Employee Benefits Due To Tax Reform. “Ohio’s Republican U.S. senator will hear how a payments-processing giant is benefiting from the GOP tax cuts. Rob Portman will tour Worldpay Inc. in Cincinnati, where company leaders Friday will describe giving bonuses and improving employee benefits. … Worldpay was formed recently through Cincinnati-based Vantiv’s acquisition of British rival WorldPay.” (Dan Sewell, “Republican US senator promotes tax-cut impacts at company,” ABC6, 3/2/18)
Xante Corp. Will Give $1,200 Bonuses To Most Of It’s Employees Due To Tax Reform. “Mobile-based Xante Corp. handed out $1,200 bonus checks to most of its employees on Monday, as its CEO gave thanks to a Republican tax reform bill and Rep. Bradley Byrne. Xante provides high-end printers and related software for use by professional graphics and printing operations. It employs a little over 100 people in Mobile and about 15 more in Europe. CEO Robert Ross said Monday that anyone who’d been with the company for a year or more was getting a $1,200 bonus, while those employed less than a year were getting a different amount.” (Lawrence Specker, “Mobile-based Xante hands out $1,200 bonus checks, citing tax cuts,” AL.com, 2/19/18)
YAM Worldwide Will Give All Employees Who Have Been With The Company Longer Than Six Months A $2,000 Bonus And Those Who Have Been With The Company Less Than Six Months A $1,000 Bonus. (Jackie Wattles, “Billionaire Bob Parsons praises tax bill and promises staff bonuses,” CNN Money, 12/22/17)
Yancey Bros. Co.
Georgia Based Tancey Bros. Co. Will Give Employees A $500 Bonus As A Result Of Tax Reform Passing. “Leaders of Austell-based Yancey Bros. Co. announced to its employees days ago that they would be receiving a $500 bonus as a direct result of the tax bill’s passage. A copy of an email to employees that contained the pronouncement was made available to the MDJ last week by a company employee and confirmed by a Yancey official on Thursday.” (Jon Gargis, “Tax overhaul boon for some Cobb workers,” Marietta Daily Journal, 12/29/17)
Utah Based Zions Bancorp Announced It Will Be Increasing Ongoing Compensation For More Than 40% Of Their Employees As Well As Providing Nearly 80% Of Its Employees With A $1,000 Bonus Due To Tax Reform. (Press Release, “Zions Bancorp Lifts Employees’ Compensation Due To Tax Cuts; To Provide Bonus,” Zions Bancorp, 1/2/18)
History proves that bold tax relief will benefit all Americans. Tax cuts under presidents Kennedy, Reagan and Bush resulted in strong economic growth, billions of dollars more in federal revenue, thousands of dollars more in take home pay and millions more jobs Americans deserve – READ MORE.