Mastercard Inc., Purchase, N.Y., is increasing the cap on the employer match in its 401(k) plan to 10% of an employee's salary, a spokesman confirmed.
Previously, the company match was 125% of employee contributions up to 6% of salary.
Michael Fraccaro, chief human resources officer, announced the change in a LinkedIn post last week. He cited recent U.S. tax reform as the impetus for the change.
As of Dec. 31, 2016, Mastercard Savings Plan, the company's 401(k) plan for U.S. employees, had $1.3 billion in assets, according to its most recent Form 5500.
