LPL Uses Tax Reform Savings to Increase 401(k) Support for Employees
LPL Financial will implement a plan to use a portion of company savings generated by the recent federal tax reform to help employees reach their retirement goals. Beginning May 1, LPL will increase its 401(k) match from 65 percent of employee contributions to 75 percent, up to eight percent of eligible wages. New employees will also be able to qualify for matching funds sooner, reducing wait time from one year of employment to six months.
“By offering enhanced 401(k) benefits, we are investing in our employees and their financial future and extending our firm’s mission directly to those who serve it every day,” said Sallie Larsen, LPL managing director and chief human capital officer. “We value the contributions our employees make to support our clients and we want to ensure we continue to attract and retain the best in the industry.”
Currently, 89% of LPL employees participate in LPL’s 401(k) plan, which is above the national average reported by Bloomberg. According to Bloomberg*, 41% of American workers are saving in a 401(k) at the 79% of American companies that offer a plan to employees.
Read how LPL’s Government Relations team supports tax-deferred plans to preserve retirement savings options for small businesses.
* "Two-Thirds of Americans Aren't Putting Money in Their 401(K)," Bloomberg.com. February 2017.