Wednesday, June 20, 2018
Business

ConocoPhillips has the best 401(k) plan, Facebook the worst

WASHINGTON — For most workers, an employer-provided 401(k) is the primary retirement savings vehicle.

But how easy the plans are to use and how generous they are can vary widely depending on where you work, according to a Bloomberg study released Tuesday. Near the top of the list are ConocoPhillips, Boston Scientific and Visa, which offer generous employer matches and vest employees in the savings immediately. But Facebook, Whole Foods and Costco were near the bottom of the list.

Bloomberg ranked 250 large employers' 401(k) plans based on the company match, investment options offered, how long employees had to wait before they would be vested and whether companies enrolled people automatically. The analysis was based on 2012 data from the Department of Labor.

The most generous company, the Bloomberg study found, was ConocoPhillips, which matched 9 percent of employees' annual salaries, even for workers who contributed as little as 1 percent of their income. It was followed by Philip Morris, which provided a 5 percent match for employees' retirement accounts.

Among the least generous employers were familiar names like Costco, Whole Foods and Wynn Resorts, which contribute set dollar amounts into 401(k) plans every year instead of matching a percentage of employees' contributions. Costco and Wynn gave $500 each, and Whole Foods contributed $152 a year as of 2012, according to the report.

Wynn told Bloomberg it has since increased its match to $750. Costco and Whole Foods pointed out they offer other generous perks, including health benefits for part-time workers in Costco's case and low health insurance premiums for people who work at Whole Foods.

Dead last was Facebook, which didn't offer a 401(k) match in 2012, the latest year for which data was available. The company started offering a match in April, according to Bloomberg.

This report comes amid a growing debate over what should be done to get people to save more for retirement. Having access to a retirement savings plan at work is usually viewed as the first step. Indeed, studies suggest people are more likely to save if the process is made seamless through payroll deduction and even more so if they are automatically enrolled into the plans.

Separate studies show some people may want more from their workplace retirement plans. A survey released in May by Towers Watson, a professional services consulting firm, found that less than 50 percent of workers felt their plans would meet their needs in retirement. Most employees said they would give up more pay if it meant they could have guaranteed retirement benefits.

Comments
Developer proposes Sprouts Farmers Market for Land O’Lakes

Developer proposes Sprouts Farmers Market for Land O’Lakes

LAND O’LAKES – A Sarasota developer is proposing to turn a vacant Winn-Dixie store in central Pasco into a Sprouts Farmers Market.Benderson Development filed preliminary plans Monday with Pasco County to redevelop the former Winn-Dixie store at the n...
Updated: 1 hour ago
Clearwater’s Clegg Insurance Group buys Advanced Insurance Brokerage

Clearwater’s Clegg Insurance Group buys Advanced Insurance Brokerage

CLEARWATER - Clegg Insurance Group of Clearwater announced on Wednesday it has bought Brandon-based Advanced Insurance Brokerage.The merger creates a firm with more than 2,000 customers and more than $10 million in annual premiums. Terms were not dis...
Updated: 2 hours ago
Wine dinners, beer projects and more will wet your whistle this summer

Wine dinners, beer projects and more will wet your whistle this summer

FILIPINO FOOD: WELCOME CHISMISHave you been to the Heights Public Market at the 73,000-square-foot Armature Works yet? It’s the buzzy food market in Tampa Heights with more than a dozen vendors offering up everything from rolled ice cream to Cuban sa...
Updated: 2 hours ago
Citizens considers hiking homeowners insurance rates about 8 percent

Citizens considers hiking homeowners insurance rates about 8 percent

Citizens Property Insurance Corp.’s is weighing another round of hefty rate hikes.Staffers with the state-run insurer of last resort have proposed raising the average rates for homeowners by 7.9 percent — just under the legislative cap of 10 percent ...
Updated: 2 hours ago
A tight supply cuts into Tampa Bay homes sales while prices keep rising

A tight supply cuts into Tampa Bay homes sales while prices keep rising

Tampa Bay’s two largest counties showed anemic home sales in May as prices continued to rise due to a tight supply.In Pinellas, sales of single-family home plunged nearly 12 percent from the previous May, the second-worst showing in a year. Prices, t...
Updated: 2 hours ago
Pinellas County files suit against companies who built Public Safety Complex

Pinellas County files suit against companies who built Public Safety Complex

CLEARWATER –– The Pinellas County Public Safety Complex was built to withstand a Category 5 hurricane, but officials now say the $81 million fortress has water leaks and cracked walls.The county filed a lawsuit this month against Harvard Jolly, the S...
Updated: 3 hours ago
CEOs are calling the separation of children and families at the border ‘inhumane’ and ‘tragic’

CEOs are calling the separation of children and families at the border ‘inhumane’ and ‘tragic’

Democratic and Republican lawmakers have spoken out about the Trump administration’s hard-line "zero-tolerance" immigration policy that has resulted in a sharp rise in children separated from their parents at the southern U.S. border. The president o...
Updated: 4 hours ago
Demolition looms for old Bromley office building at Midtown Tampa

Demolition looms for old Bromley office building at Midtown Tampa

TAMPA — Over the past month, demolition crews have gutted the old five-story Bromley office building at the future site of the $500 million Midtown Tampa project.On Sunday, the remaining skeleton of the building is scheduled to come down.The demoliti...
Updated: 4 hours ago
What historically high lumber prices mean for Florida home buyers

What historically high lumber prices mean for Florida home buyers

Blame a lack of rail cars in Canada or not enough semi trucks in the United States. Forest fires didn’t help. Tariffs played a big role, too. Even the buoyant economy takes part of the rap for frothy lumber prices, which hit all-time highs las...
Updated: 7 hours ago
What historically high lumber prices mean for Florida home buyers

What historically high lumber prices mean for Florida home buyers

Blame a lack of rail cars in Canada or not enough semi trucks in the United States. Forest fires didn’t help. Tariffs played a big role, too. Even the buoyant economy takes part of the rap for frothy lumber prices, which hit all-time highs las...
Updated: 7 hours ago