TO: Advance Financial Employees From: Tina Hodges, Chief Experience Officer Subject: Sharing tax savings with Advance Financial team members Good morning and Happy Friday.
I am excited to bring you good news today that will positively impact all of our families and our communities in 2018.
This week our United States Congress passed a tax reform bill that will save our company and you money. When President Trump signs the tax bill into law, our company and you will have income that we no longer have to mail to Washington.
We’ve decided on three specific ways to pass along the tax savings to our team and the communities we serve.
(1) We will increase our 401k match from 3% to 5% for all employees. (2) We will increase the profit share potential for front-line retail employees from 3% to 5%. (3) We will increase our Advance Financial Foundation giving by 8%.
The net effect will be an additional $500,000 to employees in 2018 and over $550,000 in total giving to our communities.
Mike and I have always been committed to sharing our success with everyone at Advance Financial. We couldn’t be more excited about this opportunity and the difference it will make to our families and our communities.
We hope you and your family have a very Merry Christmas!
Tina & MikeRaising employees’ 401(k) contributions from 3 percent to 5 percent represents a 66.6 percent increase in Advance Financial’s matching contribution to workers’retirement funds, a return they will see with each pay period. Similarly, the announcement lifting the profit-sharing potential from 3 percent to 5 percent also represented a 66.6 percent increase. The largest shift upward, though, is seen with the decision to raise the company’s commitment to charitable giving by a notably high 8 percent. In contrast to Boeing and AT&T, Advance Financial began accelerating their capital investments early on in the Trump administration. Advance Financial’s Hodges said that beginning with the upset election of President Trump in November 2016, the company immediately acted to position itself for growth. “Because we believed the new administration was committed to doing what it takes to get America’s economy back on track, we are already ahead of the curve this year in terms of capital investments,” Hodges said. “We dramatically sped up our plans to open new locations – we’re opening the 85th one this morning in Jackson – and hire more employees – we are bringing on 100 new people in January – as well as expand our reach outside of Tennessee,” she noted. “In 2017, for the first time, we began offering our services outside the state via the Internet and today we are in 10 states other than Tennessee,” Hodges said. Advance Financial is a private, Tennessee-owned short-term financial services company with 84 locations across the Volunteer State. The company has an A+ rating from the Better Business Bureau and was named a Top Work Place by The Tennessean. Original Source: The Tennessee Star