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Defined Contribution

Nationwide boosts 401(k) plan match

Nationwide Mutual Insurance Co., Columbus, Ohio, is increasing its 401(k) match and providing a one-time bonus of $1,000 to many employees, citing the passage last month of the federal law overhauling the U.S. tax system, confirmed Joe Case, a company spokesman.

"Understanding the importance of planning for and living in retirement, starting in 2018 Nationwide will increase its 401(k)-company match for all associates," Mr. Case said in an email.

"We will move from a 50% match on the first 6% of an associate's contribution, to 50% on the first 7%." The adjustment will take place during the first quarter of 2018.

The company also "will provide a one-time special, discretionary bonus of $1,000" to many workers, employed on Jan. 3, 2018, "subject to our policies," he added.

Mr. Case added that the 401(k) plan improvement will affect all of the approximately 33,000 Nationwide employees. The bonus will be paid to approximately 29,000 employees.

The Nationwide Savings Plan had $5.39 billion in assets as of Dec. 31, 2016, according to the company's most recent Form 5500 filing.