These Companies Offer the Best 401(k) Plans and Are Minting Millionaires
A Yahoo Finance article reports on companies with exceptionally generous retirement plans that have created many millionaire employees. Costco provides automatic contributions of 4% of pay after one year, rising to 9% after 25 years, helping thousands of hourly workers amass over $1 million in savings. Southwest Airlines offers a dollar-for-dollar match up to 9.3%, while Visa matches $2 for every $1 saved up to 5% of pay. Unionized Ford and GM workers receive a 10% contribution without requiring matching. Publix automatically gives shares to employees after 1,000 work hours annually, and Stewart's Shops runs an Employee Stock Ownership Plan (ESOP) instead of a 401(k), reporting over 200 cashiers becoming millionaires through stock ownership. The article notes that these generous retirement benefits serve as a retention tool, particularly in industries relying on experienced workers.
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