Regions Financial Enhances Parental Leave Policy, Increases Company 401(k) Match
February 21 2019 - 9:00AM
Business Wire
Expanded benefits support families and financial well-being
for all associates
Regions Financial Corp. today announced a significant expansion
of its associate benefits program, including an enhanced parental
leave policy and an increase to the company’s 401(k) match.
The enhanced parental leave policy provides 12 weeks of fully
paid leave for eligible birth mothers and six weeks of fully paid
leave for eligible birth fathers and adoptive parents. The enhanced
policy became effective Jan. 1, 2019, and applies to all
benefits-eligible associates.
In addition, in January 2019, Regions increased the company
401(k) match dollar-for-dollar from four percent to five percent of
eligible pay. To encourage associates to save for retirement,
associates are automatically enrolled in the 401(k) plan and
certain eligible associates receive a two percent annual company
contribution in addition to the company match. Currently more than
90 percent of Regions’ associates participate in the 401(k)
plan.
John Turner, President and CEO of Regions Financial, said,
“Regions associates are truly the difference-makers for our
customers and communities, and investing in our associates is
foundational to our growth and success as a company. That’s why
Regions is expanding our commitment to our teams and their families
by enhancing our parental leave policy and increasing our 401(k)
match. We believe these investments will increase engagement,
reduce turnover and make us more competitive in the markets we
serve.”
These enhanced benefits build upon existing programs at Regions
that aim to make life better for associates and their families, and
enable Regions to recruit and retain exceptional talent:
- In 2018, the company increased its
entry-level wage to $15 an hour. This change benefited
approximately 25 percent of Regions’ workforce, and is part of an
ongoing effort to provide sustainable career paths and professional
growth opportunities for all associates.
- Regions provides comprehensive medical
benefits for associates and their families that are progressively
aligned with compensation so that entry-level associates pay the
lowest out of pocket monthly premium. In 2019, the company
increased benefits available for children with autism, including
coverage of applied behavior analysis therapy.
- Regions provides adoption assistance to
help associates cover certain costs not covered by state or private
agencies.
- Regions provides associates with a
prenatal wellness program. The service provides expectant mothers
with support and educational materials, including access to a
personal nurse that they can call with any questions or concerns
throughout their pregnancy.
- Regions’ tuition reimbursement program
offers assistance to associates for completion of undergraduate
degree programs. Regions also maintains a long-standing dependent
scholarship program providing college scholarships to children and
dependents of eligible associates.
- Through the company’s “What a
Difference a Day Makes” program, all associates receive one paid
day off each year to volunteer in their communities.
- The company’s Associate Financial
Fitness program provides financial literacy tools and coaching to
help associates improve their financial lives. All Regions
associates are also eligible for certain discounted banking
products and services through TeamGreen Banking.
- Regions offers wellness programs and
incentives that encourage healthy choices. The Wellness at Regions
program provides personalized health coaching, incentives for
engaging in healthy behaviors and preventive medical care, and
ongoing wellness education modules. The company also provides
health-conscious dining options at associate dining facilities,
free flu shots for associates and their families, fitness center
membership discounts and a variety of other benefits.
- The Regions Associate Relief Program
provides financial assistance to associates who have been affected
by disasters.
Regions has been recognized for its efforts in engaging
associates and building a strong culture. In 2018, Regions received
the Gallup Great Workplace Award for the fourth year in a row. This
award recognizes organizations that embrace engagement and make it
a fundamental foundation of their business.
Additional information about Regions’ benefits and culture is
available on the Regions Careers page on the company’s website.
About Regions Financial CorporationRegions Financial
Corporation (NYSE:RF), with $126 billion in assets, is a member of
the S&P 500 Index and is one of the nation’s largest
full-service providers of consumer and commercial banking, wealth
management, and mortgage products and services. Regions serves
customers across the South, Midwest, and Texas, and through its
subsidiary, Regions Bank, operates approximately 1,500 banking
offices and 2,000 ATMs. Additional information about Regions and
its full line of products and services can be found
at www.regions.com.
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Evelyn Mitchell205-264-4551www.regionsbanknews.comRegions News
on Twitter: @RegionsNews
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