United Bankshares Inc., Charleston, W.Va., increased the matching contribution in its 401(k) plan to 100% of the first 5% of a participant's pay depending on the participant's deferred election.
The increase was effective May 1, according to the company's June 26 11-K filing with the SEC.
Before May 1, United Bankshares matched 100% of the first 4% of a participant's pay.
The filing did not provide a reason for the change.
The move contrasts those of many companies that have suspended planned matching contributions to their defined contribution plans, as a result of the COVID-19 pandemic. As of Dec. 31, the United Bankshares Inc. Savings and Stock Investment plan had $140 million in assets, according to the 11-K filing.
Lauren Hendricks, company spokeswoman, could not be immediately reached for further information.