These Companies are Investing in their Workers, Businesses, and Communities Because of Tax Reform

Last updated: 2/9/2018

Less than two months ago, the U.S. Chamber hailed the emerging tax reform bill as a “pro-growth measure that will help grow the economy, create jobs, and increase paychecks for American workers.”

The bill has been law for less than two weeks, but already businesses across the country are raising wages, giving employees bonuses, and increasing retirement contributions.

And here is the very best part: this is just the beginning.

As the benefits of tax reform work their way through the economy, businesses of all sizes will invest and grow, creating new jobs and lifting wages.

In the coming weeks, we will be launching an effort here at the Chamber to track these positive developments.

In the meantime, check out this partial list of the good news from the just the past two weeks thanks to pro-growth tax reform.

The cities listed are the locations of the companies’ headquarters.

1A Auto (Westford, MA)

1A Auto announced across the board cash bonuses for all full-time employees. (Press Release, 1/25/18)

1st Summit Bank (Johnstown, PA)

1st Summit Bank provided a $1,000 bonus to all full-time employees, raised its salary ranges and increased its charitable giving budget by 10%. (ABA Banking Journal, 1/22/18)

AAON (Tulsa, OK)

AAON announced that employees (excluding officers) will receive a $1,000 bonus in recognition of the new tax reform law. (Tulsa World, 1/3/18)

Advance Financial (Nashville, TN)

Advance Financial will increase its 401(k) match for employees, increase the share of profits that front line employees can receive, and increase its giving to the advance financial foundation. (Press Release, 1/8/18)

Aflac Inc. (Columbus, GA)

Aflac announced “it will increase its 401(k) match from 50 percent to 100 percent on the first 4 percent of employee contributions and will also contribute $500 to each employee’s 401(k) plan.” (Washington Examiner, 12/28/17)

• “Aflac also pledged to boost its investment in the U.S. by $250 million over the next three to five years by growing its U.S. operation and expanding benefits and training programs for workers.” (Washington Examiner, 12/28/17)

AccuWeather (State College, PA)

AccuWeather announced it would give all of its employees year-end bonuses. (Bloomberg, 12/26/17)

Alaska Air Group (SeaTac, WA)

Alaska Air Group announced it would give special, one-time bonuses of $1,000 to each for its 22,000 workers. (Puget Sound Business Journal, 1/4/18)

Altria Group (Richmond, VA)

Altria Group is giving non-executive employees a $3,000 bonus and is donating $35 million over three years to philanthropic programs. (Richmond Times-Dispatch, 2/1/18)

Amboy Bank (Old Bridge, NJ)

Amboy Bank is increasing its base wage to $15 an hour and paying non-executive employees a “minimum year-end bonus of $1,000.” (NJ.com, 2/8/18)

Ameren Illinois (Collinsville, Illinois)

Ameren Illinois announced that they submitted a plan to the Illinois Commerce Commission to pass savings from the recently approved tax reform legislation back to its customers. The proposal could save an average electric customer $2.50 to $3.00 per month and natural gas customers could save an average of $1 per month. (Press Release, 1/22/18)

American Airlines (Fort Worth, TX)

American Airlines announced it would give $1,000 employee bonuses totaling about $130 million sometime during the first quarter of 2018. (Business Insider, 1/2/18)

American Bank (Allentown, PA)

American Bank announced it would pay $1,000 bonuses to its 60 workers. (The Morning Call, 12/22/17)

American Community Bank and Trust (Woodstock, IL)

American Community Bank and Trust provided $500 to each employee and announced additional hiring plans. (ABA Banking Journal, 1/11/18)

American Savings Bank (Honolulu, HI)

American Savings Bank said it would award $1,000 bonuses to 1,150 employees and increase the minimum wage for its workforce to $15.25 an hour. (The Honolulu Star-Advertiser, 12/23/17)

Americollect (Manitowoc, WI)

Americollect announced it would provide a maximum bonus of $500 to its roughly 250 employees. (USA Today Network, 12/21/17)

Amicus Therapeutics (Cranbury, NJ)

Amicus Therapeutics decided to spend as much as $200 million on a new production facility in the U.S. instead of Europe. (The Wall Street Journal, 1/25/18)

Apple (Cupertino, CA)

Apple announced a $2,500 employee bonuses in the form of restricted stock units, $30 billion in additional capital expenditures over five years, an additional 20,000 new employees would be hired and they would increase their support for U.S. manufacturing. (Bloomberg, 1/17/18; Press Release, 1/17/18)

• Apple said it expects tax repatriation payments of about $38 billion, indicating that it will bring a portion of its $250 billion overseas cash back to the U.S. (CNBC, 1/17/18)

Aquesta Financial Holdings Inc. (Lake Norman, NC)

Aquesta Financial Holdings announced it would provide a $1,000 bonus to its employees and raise the minimum wage for its workforce to $15. (Martinsville Bureau, 12/26/17)

Associated Bank (Green Bay, WI)

Associated Bank announced “it will boost its minimum hourly wage to $15 and pay workers a $500 bonus when the recently passed federal tax reform is signed …” (Milwaukee Journal Sentinel, 12/21/17)

Atlantic Packaging (Wilmington, NC)

Atlantic Packaging announced they are awarding $1,000 bonuses immediately to nearly 1,000 full-time employees. (Press Release, 1/23/18)

Atlas Air (Purchase, NY)

Atlas Air announced a special one-time $1,000 bonus payment to all full-time flight and ground staff employees below the officer level. (Press Release, 12/29/17)

AT&T announced “it would give more than 200,000 U.S. union members a special bonus of $1,000. The company also increased its capital expenditures budget by $1 billion in the U.S.” (CNBC, 12/20/17)

AutoNation (Fort Lauderdale, FL)

AutoNation announced plans to double its contribution to workers who save for retirement through its 401k plan, and provide fully paid cancer insurance for employees and their families, as well as a financial benefit for those diagnosed. (Sun Sentinel, 1/16/18)

Ball Ventures (Idaho Falls, ID)

Ball Ventures announced it would give a $100 bonus to each employee for every year of their employment at the company. (East Idaho News, 12/27/17)

Baltimore Gas And Electric (BGE) (Baltimore, MD)

Baltimore Gas And Electric sought to pass approximately $82 million in annual tax savings to customers. (Press Release, 1/5/18)

• BGE proposed reducing the average monthly bill for a natural gas and electric customer by $4.27. (WTOP, 1/5/18)

BancorpSouth Bank (Tupelo, MS)

BancorpSouth Bank announced it would provide pay increases and/or bonuses totaling more than $10 million. (Biz Buzz, 1/4/18)

• BancorpSouth provided a $1,000 bonus to nearly 20% of its 4,000 employees, while the overall increased compensation affected more than 70% of its employees. (Biz Buzz, 1/4/18)

Bank of Advance (Advance, MO)

Bank of Advance paid $1,000 bonuses to all staff. (ABA Banking Journal, 1/11/18)

Bank of America (Charlotte, NC)

Bank of America will give $1,000 bonuses to about 145,000 employees. (The Wall Street Journal, 12/22/17)

Bank of Hawaii (Honolulu, HI)

Bank of Hawaii said it would give out $1,000 cash bonuses to 2,074 employees and increase the minimum wage for its workforce to $15 an hour. (The Honolulu Star-Advertiser, 12/22/17)

Bank of the James (Lynchburg, VA)

Bank of the James raised its minimum wage to $15, added vacation days, and increased its charitable giving plans. (ABA Banking Journal, 1/2/18)

Bank Midwest (Spirit Lake, IA)

Bank Midwest announced $500 bonuses for full-time employees and $250 bonuses for part-timers. (ABA Banking Journal, 1/16/18)

Bank of New York Mellon, Corp. (New York, NY)

Bank of New York Mellon announced they will raise their base wage to $15 an hour. (The Wall Street Journal, 1/18/18)

Bank of the Ozarks (Little Rock, AK)

Bank of the Ozarks announced 2,300 employees were eligible to receive a cash award of up to $1,200 annually based on company and individual employee performance. (Talk Business & Politics, 1/3/18)

BB&T Corp. announced it would provide a $1,200 bonus to approximately 27,000 employees and raise the minimum wage for its workforce to $15. (Martinsville Bulletin, 12/26/17)

Best Buy (Minneapolis, MN)

Best Buy announced full-time employees would receive a $1,000 bonus and part-time employees $500. More than 100,000 in total will receive bonuses. In addition, $20 million will be donated to the Best Buy Foundation and Geek Squad Academies. (Minneapolis Star Tribune, 2/2/18)

Black Hills Energy (Rapid City, ND)

Black Hills Energy has notified the Nebraska Public Service Commission that they intend to pass some of their tax savings on to ratepayers. (Lincoln Journal Star, 1/13/18)

Blackbaud (Charleston, SC)

Blackbaud will give most of its 3,200 employees $2,000 in stock. (The Post and Courier, 2/7/18)

Blue Harbor Resort (Sheboygan, WI)

Blue Harbor Resort announced it would pay a one-time cash bonus of $1,000 to each eligible Blue Harbor employee. (MySheboygan.com, 1/26/18)

Boeing (Chicago, IL)

“Boeing announced … that it would invest $300 million in charitable projects, employee training and education, and facilities improvements for Boeing locations.” (The Daily Caller, 12/20/17)

Camden National Bank (Portland, ME)

Camden National Bank announced a $1,000 bonus for full-time employees, a $750 bonus for part-timers and new funding both for customer-focused technology upgrades and for its community giving. (ABA Banking Journal, 1/11/18)

Capital One (McClean, VA)

Capital One announced it would raise its minimum wage for U.S. employees to $15 an hour. (CNBC, 1/11/18)

Cedar Rapids Toyota (Hiawatha, IA)

Cedar Rapids Toyota announced they would give each full-time employee a $500 bonus. (KCRG, 1/19/18)

CenterState Bank (Davenport, FL)

CenterState Bank announced that about 700 workers, or 60% of the company’s employees as of Dec. 31, will receive a $1,000 bonus. (Tampa Bay Business Journal, 1/19/18)

Central Pacific Bank (Honolulu, HI)

Central Pacific Bank announced it would provide a $1,000 bonus to its non-executive workforce of about 850 employees and raise the minimum wage for its workforce to $15.25 an hour. (The Honolulu Star-Advertiser, 12/25/17)

Charter Communications (Stamford, CT)

Charter announced it would raise its base wage to $15 per hour. (Multichannel News, 2/2/18)

Cigna (Bloomfield, CT)

Cigna announced it would provide pay increases of $15 million, add $30 million to its 401(k) program, and make additional significant investments in the Cigna Foundation. (Press Release, 1/31/18)

Citizens Financial Group (Providence, RI)

Citizens Financial Group announced it would give $1,000 one-time bonuses to 70% of its workforce, adding up to $12.5 million. (Washington Examiner, 1/4/18)

College of the Ozarks (Point Lookout, MO)

College of the Ozarks decided to issue a check to each college employee in the amount of $204 as a result of savings from the recent U.S. tax code revision. (Press Release, 1/18/18)

Comcast (Philadelphia, PA)

Comcast announced it would give out $1,000 bonuses to “eligible frontline and non-executive employees.” (The Washington Post, 12/20/17)

Comerica Inc. (Dallas, TX)

Comerica announced it would provide a $1,000 bonus to approximately 4,500 employees and raise the minimum wage for its workforce to $15. (Comerica Inc., Press Release, 12/29/17)

Commerce Bancshares (Kansas City, MO)

Commerce Bancshares will provide a $1,000 bonus to 3,450 full-time employees, while eligible part-time employees would receive a $250 bonus. (St. Louis Post-Dispatch, 1/2/18)

Commonwealth Edison (Chicago, IL)

Commonwealth Edison announced it is passing on $200 million worth of tax savings to its customers. (Press Release, 1/5/18)

Community Trust Bancorp, Inc. (Pikeville, KY)

Community Trust Bancorp announced it would pay all full-time employees a $1,000 bonus. (The Lane Report, 12/26/17)

Consumers Energy (Jackson, MI)

Consumers Energy submitted a proposal to the Michigan Public Service Commission that would lower customer bills starting in 2018 by approximately $200 million. (Press Release, 1/19/18)

Copperleaf Assisted Living (Wisconsin)

Copperleaf Assisted Living announced it would provide about 60 employees a $600 bonus and other employees a bonus ranging between $200 and $600. (USA Today Network, 12/22/17)

CVS (Woonsocket, RI)

CVS will increase starting pay to $11 per hour, will offer up to four weeks of paid parental leave for full-time employees, and will not increase employee health plan premiums for 2018-2019. (Press Release, 2/8/18)

Data Sales Co. announced that the company will celebrate the recent passage of tax reform legislation by distributing a special bonus of $1,000 to all 80-plus employees. (Press Release, 1/22/18)

Dayton T. Brown, Inc. (Bohemia, NY)

Dayton T. Brown announced it would provide a $400 bonus to about 210 employees. (Newsday, 12/22/17)

Delaware Supermarkets (Wilmington, DE)

Delaware Supermarkets announced it would provide $150 bonuses to 1,000 employees and invest $150,000 in employee training and development programs. (Delaware Business Now, 12/28/17)

DePatco (Idaho Falls, ID)

DePatco accepted a challenge to give bonuses to all of its employees. (Press Release, 1/4/18)

Discover Financial Services (Riverwoods, IL)

Discover Financial Services announced that their base wage would be raised to $15.25 per hour and that they would provide $1,000 bonuses for more than 15,000 non-executive employees. (Press Release, 1/24/18)

Dohrn Transfer (Rock Island, IL)

Dohrn Transfer provided $1,000 bonuses to all of its 1,200 employees across six states. (Quad City Times, 2/1/18)

Dominion Energy (Richmond, VA)

The Utah Division of Public Utilities announced Dominion Energy filed to pass along at least $17 million to customers. (KUTV, 2/2/18)

DTE Energy (Detroit, MI)

DTE Energy announced that rates in Michigan will go down for 2.2 million electric and 1.3 million gas customers. There are expected to be around $190 million in savings. (ABC-Detroit, 1/23/18)

Dynamic Fasteners (Kansas City, MO)

Dynamic Fasteners announced it would give a maximum of $1,000 bonus per full time employee. (FOX-Kansas City, 1/24/18)

El Paso Electric Company (El Paso, TX)

El Paso Electric Company announced it would give refunds to customers due to tax reform. (Press Release, 1/23/18)

Elmer Smith Oil Company (Clinton, OK)

Elmer Smith Oil Company and its subsidiaries paid bonuses to more than 300 employees. (The Shawnee News-Star, 12/29/17)

EMKAY, Inc. (Itasca, IL)

EMKAY, Inc announced that all full-time employees will receive a $1,000 bonus. (Press Release, January 2018)

Ennis, Inc. (Midlothian, TX)

Ennis announced it would provide a $500 bonus to more than 2,200 employees. (Press Release, 12/22/17)

ES Bancshares, Inc. (Newburgh, NY)

ES Bancshares announced it would provide a $500 bonus to its full-time employees and would add at least 10 new jobs. (Press Release, 1/2/17)

Eversource Energy (Boston, MA)

Some Massachusetts Customers of Eversource Energy “could end up paying less for their electricity after the energy company proposed changes based on the new federal tax law.” (State House News Service, 1/4/18)

Express Employment Professionals (Oklahoma City, OK)

Express Employment Professional announced it would pay a $2,000 bonus to more than 200 non-executive employees. (The Oklahoman, 12/27/17)

ExxonMobil (Irving, TX)

ExxonMobil will invest $50 billion over the next five years in the United States. This includes increasing oil production in Texas and New Mexico, improving infrastructure, and building new manufacturing sites. (Blog Post, 1/29/18)

FedEx (Memphis, TN)

FedEx announced plans to spend more than $3.2 billion in wage increases, bonuses, pension funding, and capital investment. (Reuters, 1/26/18)

Fiat Chrysler (Auburn Hills, MI)

Fiat Chrysler said it would pay a bonus of $2,000 to about 60,000 FCA hourly and salaried employees in the U.S., excluding senior leadership. (Detroit Free Press, 1/11/18)

• The company also said it will invest more than $1 billion to modernize their Warren truck plant, adding 2,500 jobs and moving production of its Ram heavy duty trucks from Mexico. (Detroit Free Press, 1/11/18)

Fifth Third Bancorp (Cincinnati, OH)

Fifth Third Bancorp announced it will pay more than 13,500 employees a $1,000 bonus and raise the minimum wage for its workforce to $15. (CNBC, 12/20/17)

First Bank and Trust Company said it would give back 30% of its tax savings to employees by raising its minimum wage to $15 per hour. (ABA Banking Journal, 1/22/18)

FirstCapital Bank of Texas (Texas)

FirstCapital Bank of Texas’ chairman announced they are giving all non-executive employees a $500 tax cut bonus. (Twitter, 12/20/17)

First Farmers Bank and Trust (Converse, IN)

First Farmers Bank and Trust announced “it would raise its minimum hourly wage by $2.50, provide a 2017 year-end bonus of $750 for all full-time employees, invest at least $250,000 annually in community development activities and spend at least $150,000 per year on employee professional development.” (ABA Banking Journal, 1/2/18)

First Financial Northwest, Inc. (Renton, WA)

First Financial Northwest announced a $1,000 after-tax bonus for all non-executive employees. (Press Release, 1/2/18)

First Hawaiian Bank (Honolulu, HI)

First Hawaiian Bank said it would give out $1,500 bonuses to 2,264 employees and increase the minimum wage for its workforce to $15 an hour. (The Honolulu Star-Advertiser, 12/22/17)

First Horizon National Corp. (Memphis, TN)

First Horizon National Corp. announced it would give about 4,000 employees a $1,000 bonus. (USA Today Network, 12/27/17)

First Merchants Corporation (Muncie, IN)

First Merchants Corporation announced a $1 per hour wage increase for hourly employees, $500 bonuses for full-time employees, excluding senior management and a pro-rated bonus for part-time employees. (Press Release, 1/16/18)

First Midwest Bancorp (Itasca, IL)

First Midwest Bancorp announced an increase in their minimum pay rate to $15 for hourly employees, a special bonus up to $1,035 to nearly 85% of their employees, and a $2 million contribution to the First Midwest Charitable Foundation. (Press Release, 1/11/18)

First Southwest Bank (Alamosa, CO)

First Southwest Bank announced that it would raise its base wage to $14 per hour plus full benefits. (Press Release, 1/22/18)

Fishbeck, Thompson, Carr, & Huber Engineering announced $1,500 bonuses to all of its 400 full-time and part time employees. (Grand Rapids Business Journal, 1/16/18)

Flemington Car And Truck Country Family Of Brands (Flemington, NJ)

The Flemington Car And Truck Country Family Of Brands will award its full-time employees a $500 bonus, in addition to potentially upgrading its facility and hiring additional workers. (NJBiz.com, 1/8/18)

The Flood Insurance Agency (Florida)

The Flood Insurance Agency announced it would provide a $1,000 bonus to its employees. (The Flood Insurance Agency, Accessed 1/4/18)

Florida Power & Light said that savings from the federal tax overhaul will allow it to avoid billing customers for the $1.3 billion cost of restoring electricity after Hurricane Irma. (Herald Tribune, 1/16/18)

Flushing Financial Corporation (Uniondale, NY)

Flushing Financial Corporation announced 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. (Press Release, 1/22/18)

FNB Corporation (Pittsburgh, PA)

FNB Corporation said it would raise its minimum wage to $15 per hour by the end of 2019 and make an additional one-time 401(k) contribution to eligible employees. (ABA Banking Journal, 1/22/18)

Fulton Financial Corporation (Lancaster, PA)

Fulton Financial Corporation announced their base wage would be raised to $12 per hour, they will pay bonuses in the form of an additional week of pay for 75% of the 3,700 employees and provide $2 million in increased charitable donations. (Press Release, 1/18/18)

Gate City Bank (Fargo, ND)

Gate City Bank announced it would provide $1,000 bonuses to its employees, $500,000 in free home appraisals to its customers, and planned to donate $500,000 to the community. (Inforum, 12/29/17)

The Good Life Companies (Wyomissing, PA)

The Good Life Companies will issue bonuses of up to $1,000 to more than 30 full-time employees. (Press Release, 2/6/18)

Great Southern Bancorp, Inc. (Springfield, MO)

Great Southern Bancorp announced it would distributed bonuses to its 1,200 employees, including a $1,000 bonus for full-time employees. (Press Release, 1/3/18)

Group 1 Automotive (Houston, TX)

Group 1 Automotive announced $500 cash bonuses for non-management dealership employees and operational support staff in the United States. (Press Release, 1/12/18)

Happy State Bank (Happy, TX)

Happy State Bank announced it would provide wage increases that directly impact over 600 of the bank’s 700+ employees. (Press Release, 1/24/18)

HarborOne Bank (Brockton, MA)

HarborOne Bank announced it would give a $500 bonus to more than 600 bank employees and accelerated its plan to implement a $15 minimum wage. (Boston Business Journal, 12/27/17)

Hartford Financial Services Group Inc. (Hartford, CT)

The Hartford Financial Services Group will award $1,00 bonuses to approximately 9,500 employees. (Hartford Courant, 1/5/18)

Heartland Bank (Geneva, NE)

Heartland Bank paid a $1,000 bonus to full-time, non-executive employees and a $500 bonus to part-timers. (ABA Banking Journal, 1/11/18)

Home Bancshares (Conway, AK)

Home Bancshares announced plans to distribute a one-time bonus of $500 for more than 850 full-time tenured employees. (Press Release, 1/12/18)

Home Depot (Atlanta, GA)

Home Depot said it would give its U.S. employees a new one-time cash bonus of up to $1,000 for hourly associates. (Reuters, 1/25/18)

HomeStreet (Seattle, WA)

HomeStreet announced that it raised the company minimum wage to $15 per hour across all 111 retail branches and lending centers in seven states. (Press Release, 1/16/18)

Hostess Brands (Kansas City, MO)

Hostess will give bonuses of $750 in cash and $500 as a 401(k) contribution, as well as a multipack of snacks every week. (Bloomberg, 1/31/18)

Humana (Louisville, KY)

Humana announced a base wage increase to $15 per hour, acceleration of annual performance-based incentive program and additional community investments. (The Louisville Courier-Journal, 1/17/18)

"I've been able to offer my long tenured employees a week of vacation, five days of vacation, they're getting plenty of overtime, they have job security," Mary Beth Hartman, president of Hunter Chase & Associates said. (KY3-TV, 2/1/18)

IAT Insurance Group (Raleigh, NC)

IAT Insurance Group announced it would pay a $3,000 bonus to approximately 700 employees. (IAT Insurance Group, Press Release, 12/21/17)

Inland Northwest Bank (Spokane, WA)

Inland Northwest Bank announced it would raise its starting wage to $15 per hour and provide $500 year-end bonuses to all employees except senior executives. (The Spokesman Review, 1/2/18)

JPMorgan Chase (New York, NY)

JPMorgan Chase unveiled a $20 billion investment plan to increase wages for 22,000 employees by an average of 10%, hire 4,000 employees, and open up to 400 chase branches in new cities. (Reuters, 1/23/18)

• JPMorgan Chase will also give eligible employees an annual award of $750. (Reuters, 1/23/18)

JetBlue (New York, NY)

JetBlue announced it planned to distribute a $1,000 bonus to about 21,000 crewmembers. (Press Release, 1/4/18)

Kansas City Southern (Kansas City, MO)

Kansas City Southern announced it would provide a $1,000 bonus to employees. (Press Release, 12/21/17)

KeyCorp (Cleveland, OH)

KeyCorp announced they would increase their minimum wage and begin making additional retirement plan contributions. (Press Release, 1/18/18)

Kish Bancorp, Inc. (Belleville, PA)

Kish Bancorp, Inc. announced they would raise their base wage, provide $1,000 bonuses for full-time employees, a $500 bonuses for part-time employees, spend $10 million in capital expenditures over the next three years, and increase charitable giving by a minimum of $50,000. (Centre Daily Times, 1/18/18)

M&T Bank Corporation announced hourly paid employees will see pay starting at $14-16 per hour for a total investment of $25 million. (Press Release, 1/17/18)

Melaleuca (Idaho Falls, ID)

Melaleuca announced it will give their 2,000 employees a one-time bonus of $100 for every year they have worked at the company. (The Associated Press, 12/21/17)

National Bank Holdings Corp. (Greenwood Village, CO)

National Bank Holdings Corp. announced it would provide a $1,000 bonus to about half of the company’s employees. (Kansas City Business Journal, 12/29/17)

National Grid (Waltham, MA)

National Grid announced that Massachusetts customers can expect to pay less next winter than originally projected, thanks to the decision to decrease a proposed rate hike by $36 million — from an $87 million increase to a $51 million increase, a drop of about 41%. (New Boston Post, 1/11/18)

NBT Bancorp (Norwich, NY)

NBT Bancorp announced it would raise their starting hourly pay rate to $15 per hour and provide a permanent minimum increase of 5% for employees earning $50,000 or less. (Press Release, 1/22/18)

Nephron Pharmaceuticals (Columbia, SC)

Nephron Pharmaceuticals announced that 640 employees would receive a 5% pay raise, bringing the average salary to $70,000 a year and a base wage of $15 an hour. (The Post And Courier, 12/27/17)

NexTier Bank (Butler, PA)

NexTier Bank announced a one-time bonus of $1,000 for all employees in addition to annual bonuses paid in late 2017. (Press Release, 1/12/18)

Nationwide (Columbus, OH)

Nationwide announced it will give a $1,000 bonus to all but its highest-ranking executives and increase the company match for the 401(k) retirement-saving plan. (Columbus Dispatch, 1/3/18)

Navient (Wilmington, DE)

Navient announced it would give approximately 98% of its 6,700 employees a $1,000 bonus. (Wilkes Barre Times Leader, 1/2/18)

Nelnet (Lincoln, NE)

Nelnet will give nearly all of its 4,100 employees a $1,000 bonus. (Lincoln Journal-Star, 12/22/17)

Noah Bank (Elkins Park, PA)

Noah Bank is giving all employees a $1,500 bonus. (Press Release, 2/2/18)

Northwestern Energy (Sioux Falls, SD)

Northwestern Energy has notified the Nebraska Public Service Commission that they intend to pass some of their tax savings on to ratepayers. (Lincoln Journal Star, 1/13/18)

OceanFirst Financial Corp. (Toms River, NJ)

OceanFirst Financial announced it would raise the minimum wage for 232 employees. (USA Today Network, 12/23/17)

Ohnward Bancshares (Maquoketa, IA)

Ohnward Bancshares announced it would pay a $1,000 bonus to every company employee. (Clinton Herald, 12/22/17)

Oncor (Dallas, TX)

Oncor announced that it would work with the Public Utility Commission of Texas to determine the best way to distribute tax reform savings back to customers. (The Dallas Morning News, 1/17/18)

Pacific Power (Portland, OR)

Pacific Power announced that it hopes to reduce the rates paid by its customer following approval from the state public utility commission. (Press Release, 1/3/18)

Peoples Bank (Magnolia, AK)

Peoples Bank provided a $500 bonus and contributed $50,000 to its charitable fund. (ABA Banking Journal, 1/16/18)

Peoples Bank (Bellingham, WA)

Peoples Bank announced a $15 per hour minimum wage and raised its 401(k) match one percentage point to 8%. (ABA Banking Journal, 1/11/18)

Pepco (Washington, DC)

Pepco announced they will file with the public service commission 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. (Press Release, 1/5/18)

Pfizer (New York City, NY)

Pfizer plans to pay $100 million in bonuses to employees and make a $500 million contribution to its pension plan. It already made a $200 million contribution to its charitable foundation. (Wall Street Journal, 1/30/18)

Pinnacle Bank (Nebraska)

Pinnacle Bank will give $1,000 bonuses to 1,007 employees in Nebraska, Kansas, and Missouri. (Lincoln Journal-Star, 12/22/17)

PNC (Pittsburgh, PA)

PNC announced it would give 90% of its employees a $1,000 bonus, add $1,500 to employees’ defined benefit pension plan, raise the minimum wage for its workforce to $15, and make a $200 million contribution to the PNC Foundation. (Pittsburgh Post-Gazette, 12/22/17)

Regions Bank (Birmingham, AL)

Regions Bank announced it will raise its minimum wage to $15 per hour, contribute $40 million to its charitable foundation, and increase its capital expenditures budget by about $100 million. (Commercial Appeal, 1/3/18)

Renasant Bank (Tupelo, MS)

Renasant Bank planned to give pay increases or bonuses to its more than 2,000 employees. (Biz Buzz, 1/4/18)

RGF Environmental Group, Inc. (Riviera Beach, FL)

RGF Environmental Group, Inc. announced it would provide $1,000 bonuses to all its employees. (Press Release, 1/15/18)

Royal Caribbean (Miami, FL)

Royal Caribbean announced that 66,000 employees would receive company stock that is equivalent to 5% of their pay. (USA Today, 1/26/18)

RPMS Group, LLC (Dearborn, MI)

RPMS Group announced it started providing bonuses in the range of $1000-$2000 and increased its capital investment budget for 2018. (Press Release, 1/9/18)

Rush Enterprises Inc. (New Braunfels, TX)

Rush Enterprises announced it would provide a $1,000 bonus to its approximately 6,600 employees after the president signed the tax bill into law. (Rush Enterprises Inc., Press Release, 12/21/17)

Russell Lands (Birmingham, AL)

Russell Lands announced $500 bonuses for approximately 400 full-time non-management staff. (Birmingham Business Journal, 1/12/18)

Saban Capital Group (Los Angeles, CA)

Saban Capital Group will give eligible employees a $1,000, after-tax bonus. (The Hollywood Reporter, 2/2/18)

Sinclair Broadcast Group (Hunt Valley, MD)

Sinclair Broadcast Group announced “it would pay a $1,000 bonus to almost 9,000 of its full-time and part-time employees after the recent passage of the gop tax bill.” (The Hill, 12/22/17)

South State Bank (Columbia, SC)

South State Bank will give bonuses of $1,000 to full-time employees and $500 to part-time employees—$2.7 million in total to more than 2,800 employees. (Press Release, 1/26/18)

Southwest Airlines (Dallas, TX)

Southwest Airlines announced it would give $1,000 bonuses to all its full-time and part-time employees on January 8, 2018. (Business Insider, 1/2/18)

Starbucks (Seattle, WA)

Starbucks announced that workers will get a pay raise in April, their second increase this year. The company will also give at least $500 worth of Starbucks stock in April to employees at stores, support centers, or bean roasting plants and store managers will get $2,000 in stock grants. Finally, all workers will also be able to earn paid sick time off based on the hours they worked starting in July. (The Associated Press, 1/24/18)

Stifel Financial Corp. (St. Louis, MO)

Stifel Financial Corp. announced that it would provide a $1,500 bonus to approximately 7,000 salaried employees. (AdvisorHub, 12/26/17)

Summit State Bank (Santa Rosa, CA)

Summit State Bank announced it would provide a $2,000 bonus to each of its non-executive employees. (North Bay Business Journal, 12/29/17)

SunTrust Banks Inc. (Atlanta, GA)

SunTrust announced it would give $50 million in additional community grants to national and local financial well-being efforts, increase the minimum wage to $15, provide merit based pay increases for certain hourly employees, and a 1% 401(k) contribution to retirement savings for all employees. (Press Release, 12/28/17)

Synovus Financial Corporation (Columbus, GA)

Synovus Financial Corporation said it would give a $1,000 bonus to all full-time and part-time non-executive employees. (ABA Banking Journal, 1/22/18)

TCF Financial (Plymouth, MN)

TCF Financial announced it will provide approximately $5 million in one-time bonuses to employees, $1,000 to full-time workers and $500 to part-timers, who earned less than $100,000 in 2017, about 80% of their workforce. (Minneapolis Star Tribune, 1/3/17)

Territorial Savings Bank (Hawaii)

Territorial Savings Bank announced it would give 247 employees a $1,000 bonus and increase its starting wage to $15. (The Star Advertiser, 12/27/17)

Texas Capital Bank (Dallas, TX)

Texas Capital Bank announced it would give more than 900 employees a $1,000 bonus. (Press Release, 12/22/17)

Thermo Fisher Scientific (Waltham, MA)

Thermo Fisher Scientific announced that they would pay $500 bonuses. (USA Today, 1/26/18)

Travelers Cos. (New York, NY)

Travelers Cos. announced it would give $1,000 bonuses to about 14,000 employees and raise its minimum wage to $15. (Hartford Courant, 12/22/17)

Total System Services, Inc. (Columbus, GA)

Total System Services announced it would give a $1,000 bonus to a majority of its 11,500 employees. (Atlanta Business Chronicle, 1/2/18)

Turning Point Brands (Louisville, KY)

Turning Point Brands announced it would give a $1,000 bonus to its 107 employees. (Louisville Business First, 12/29/17)

Tyson Foods (Springdale, AR)

Tyson Foods “will spend more than $100 million on one-time cash bonuses for workers this year as a result of the new tax law.” (Wall Street Journal, 2/6/18)

United Bank & Trust raised hourly and salaried employees’ wages by $100 per month. (ABA Banking Journal, 1/16/18)

Unity Bancorp, Inc. (Clinton, NJ)

Unity Bancorp announced it would provide employees a $750 bonus. (Press Release, 12/26/17)

U.S. Bancorp (Minneapolis, MN)

U.S. Bancorp said it would give nearly 60,000 employees a $1,000 bonus and raise the minimum wage for its workforce to $15. (American Banker, 1/2/18)

• U.S. Bancorp will also make unspecified “enhancements” to employee health plans. (American Banker, 1/2/18)

Verizon (New York, NY)

Verizon announced that employees (other than top management) will receive 50 shares of restricted stock, an award that could total over $400 million, based on Verizon’s current share price. (CNBC, 1/23/18)

Verst Logistics, Inc. (Walton, KY)

Verst Logistics announced that they distributed $500 bonuses to all full-time employees due to tax reform. (Press Release, 1/24/18)

Walmart (Bentonville, AK)

Walmart will award employees bonuses ranging from $250 to $1,000, totaling roughly $400 million. (CNBC, 1/11/18)

• Walmart announced it would increase its starting wage rate to $11 and expand maternity and parental leave benefits. (CNBC, 1/11/18)

Walt Disney Company (Burbank, CA)

Disney announced it would pay over 125,000 employees a one-time cash bonus of $1,000 as well as make a new $50 million investment into education programs for employees. (CNBC, 1/23/18)

Washington Federal (Seattle, WA)

Washington Federal announced “a 5 percent merit-based increase in wages for all employees earning less than $100,000 annually as well as an investment in employee training programs.” (The Bellingham Herald, 12/20/17)

• The bank will also increase its technology staff by 25%, add an additional tech office in Boise, ID, and donate $5 million to community nonprofit organizations. (The Bellingham Herald, 12/20/17)

Washington Trust Bancorp (Westerly, RI)

Washington Trust Bancorp announced $1,000 bonuses for full-time employees, $500 for part-time employees and a $1.00 per hour salary increase for employees below a certain compensation level. (Press Release, 1/16/18)

Washington Utilities and Transportation Commission (Spokane, WA)

The Washington Utilities and Transportation Commission said that the reduction in the federal corporate tax rate will reduce costs for many of the UTC’s regulated companies. (CBS-Spokane, 1/18/18)

Wells Fargo (San Francisco, CA)

Wells Fargo announced it would boost its employees’ minimum wage to $15 and would target $400 million in donations to community nonprofit organizations in 2018. (CNBC, 12/20/17)

WeStar Energy (Topeka, KS)

WeStar Energy said they would pass along tax savings to customers. (Press Release, 1/18/18)

Western Alliance Bancorp (Phoenix, AZ)

Western Alliance Bancorp said it “plans to increase the base pay of the lowest-paid 50% of employees by 7.5%,” increase bonuses, and “increase its 401(k) match from 50% of an employee’s contribution up to 6% of pay to 75% of an employee’s contribution up to that same level.” (The Wall Street Journal, 12/20/17)

Western & Southern Financial Group announced it would give full-time employees a $2,000 bonus and part-time employees a $1,000 bonus, and the bonuses are tied to company performance. (Cincinnati Business Courier, 1/8/18)

Willis Lease Finance Corporation (Novato, CA)

Willis Lease Finance Corporation announced it would provide $1,000 bonuses for all non-executive employees. (Press Release, 1/19/18)

Windsor Federal Savings (Windsor, CT)

Windsor Federal Savings announced a one-time special bonus of $250 for all employees except senior management and an increase of minimum wage for full-time employees to $15 per hour. (Press Release, 12/21/17)

YAM Worldwide

YAM Worldwide announced it would provide $2,000 bonuses to 725 employees who have been with the company longer than six months and $1,000 bonuses to all other staffers. (CNN Money, 12/22/17)

Yancey Bros. (Austell, GA)

Yancey Bros. announced it would provide its roughly 1,200 employees with a $500 bonus. (Marietta Daily Journal, 12/29/17)

Zions Bancorp (Salt Lake City, UT)

Zions Bancorp plans to offer $1,000 bonuses to 80% of its employees and increase compensation for more than 40% of its employees. (American Banker, 1/2/18)

• “The $65 billion-asset company will also contribute $12 million to its corporate foundation, which in 2017 donated to a range of nonprofits, including the united way, homeless shelters and other charitable causes.” (American Banker, 1/2/18)

About the authors

Neil Bradley

Neil Bradley is executive vice president, chief policy officer, and head of strategic advocacy at the U.S. Chamber of Commerce. He has spent two decades working directly with congressional committee chairpersons and other high-ranking policymakers to achieve solutions.

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