The following are the US employers that contributed more than a billion US dollars for their employee 401k(k) plan match:
- WALMART 401(K) PLAN: $1.48 billion in employer contributions
- THE BOEING COMPANY 401(K) RETIREMENT PLAN: $1.4 billion in employer contributions
- THE BANK OF AMERICA 401(K) PLAN: $1.2 billion in employer contributions
- NATIONAL ELECTRICAL ANNUITY PLAN: $1.1 billion in employer contributions
- GOOGLE LLC 401(K) SAVINGS PLAN: $1.07 billion in employer contributions
- WELLS FARGO & COMPANY 401K PLAN: $1.02 billion in employer contributions
- MICROSOFT CORPORATION SAVINGS PLUS 401K PLAN: $1.1 billion in employer contributions
Considering that only about 5,000 of the 18 million U.S. businesses generated $1 billion or more in revenue (not profit) in 2023, the $1 billion these companies collectively spend on matching contributions for employee retirement plans is staggering. It’s also worth noting that tech giants like Google and Microsoft have relatively fewer employees compared to other companies on this list, as a result, their per-employee matches are significantly higher. To see how matching contributions vary per employee, you can explore the individual retirement plans linked above for a closer comparison.