If you are interested in the biggest companies that offer pensions, you are at the right place now, as we have come up with Insider Monkey’s latest article about this topic.
An average person spends the three-qurters of their adult age with working. But there are lots of people who start their own business, too. According to a report, the USA has almost 27 million entrepreneurs. Nevertheless 86% working-age Americans are emplyed at a company. There are companies that offer a retirement plan, while others don’t. In the current working environment, fewer and fewer people stay loyal to the company for long. Therefore lots of companies gave up to try with retirement plans, instead they increase labor cost.
Yet, there are companies that do believe in organized retirement life for their workforce, and some of them are multinational companies. Investors ought to consider the long-term effects of giving a defined benefit retirement plan. Now without a further ado, let’s check out what Insider Monkey have researched for us about the biggest companies that offer pensions.
9. Eli Lilly & Co. (NYSE: LLY)
Eli Lilly & Co. is the first company on our list now. This company offers several retirement plans and benefits for their employees, such as stock bonus, profit sharing, 401(k) plan, defined contribution pension plan.
8. Southern Company (NYSE: SO)
Southern Company offers a defined benefit pension plan to their 30,000 employees. As of 2016, the total defined benefit assets was $9.46 billion.
7. Merck & Co. Inc. (NYSE:MRK)
Merck & Co. Inc. employs around 69,000 worldwide, and it is among those companies that offer retirement plans for their employees. The total defined-benefit asset for Merck was $10.04 billion as of 2016.
6. Consolidated Edison of New York (NYSE:ED)
Consolidated Edison operates in the utility sector, with about 15,300 employees. It has a benefit plan that is tax-qualified. Con Edison had $11.89 billion in total defined-benefit asset as of 2016.
5. Prudential Financial Inc. (NYSE:PRU)
We are half way on our list of the biggest companies that offer pensions. Prudential Financial Inc. operates in the financial services sector with more than 50,000 employees. All eligible employees can access retirement benefits at the end of their tenure.
4. PG&E Corp. (NYSE: PCG)
Pacific Gas and Electric Corporation (PG&E) has operations in the utility sector. It provides electricity and natural gas to industries and households in California. It has more than 23,000 employees, and they can get the retirement plan after being at the company for five years.
3. JPMorgan Chase & Co. (NYSE:JPM)
JPMorgan Chase & Co. is the leading financial services institution in the world with assets worth $2.6 trillion. It has a number of 250,000 empoyees all over the world. The employees should meet a criteria after that there is a retirement plan available for them.
2. Johnson & Johnson (NYSE:JNJ)
Johnson & Johnson is a global conglomerate involved in the healthcare sector. The company is involved in Consumer, Medical Devices, and Pharmaceutical sectors. It has around 134,000 emloyees. In 2016, the total defined benefit assets were $14.36 billion.
1. Kaiser Foundation Health Plan Inc.
Kaiser Foundation Health Plan Inc. is one of the biggest companies that offer pensions in the United States. This is a not-for-profit company and operates in the healthcare industry. It offers family and individual healthcare plans. Four years ago, in 2016 it had around $23.39 billion in total defined benefit assets.
This was our list of the biggest companies that offer pensions, we hope you have found lots of important facts in our list.