American Express Co., New York, is increasing the amount of automatic enrollment for participants in its 401(k) plan to a before-tax contribution of 6% of total pay, effective Jan. 1, 2022.
The company will continue its current policy of an automatic escalation rate of 1% each year until the employee contribution hits 10% of pay, it disclosed in an 11-K filing Wednesday with the SEC.
Currently, eligible employees are automatically enrolled to make before-tax contributions of 3% of total pay.
The company's matching contribution will remain 100% of a participant's before-tax contributions of up to 6% of total pay, the 11-K filing said.
The plan's current record keeper is Principal Financial Group, which replaced Wells Fargo in May. Principal purchased Wells Fargo's record keeping business in 2019.
As of Dec. 31, the American Express Retirement Savings Plan had $7.1 billion in assets, according to the new 11-K filing.
Company spokeswoman Molly Faust could not be immediately reached for further information.