IAT Insurance Group has announced that the company will pay a $3,000 bonus to all non-executive employees on January 15, 2018. The company said in a statement that the bonus was in response to the "newly passed tax reform bill."

The company said that the bonus will be paid to approximately 700 employees.

IAT Insurance Group is a privately held company owned by the Kellogg family.

"This plan has the power to grow the economy, but only if we invest in the people who make our company great – our employees and customers. That's why, as owners, we will invest these savings in our workforce and our business in a way that works for everyone," said Peter Kellogg, chairman of IAT Insurance Group. "It's important to us to do our part to help economic growth by putting this money into the hands of the people who will benefit the most from it."

The $3,000 bonus is in addition to the company's other compensation and benefit programs, which include a 401k with 100 percent company matching contributions up to seven percent with immediate vesting, and an additional three percent profit sharing distribution for all eligible employees. The company's annual bonus pool also is up from last year and incentive bonuses, of which 100 percent of IAT employees are eligible, will be issued at the end of first quarter 2018.

"Our employees drive the success of IAT and our compensation programs recognize and reward their value to the company," said Bill Cunningham, the chief executive officer of IAT Insurance Group. "The tax savings gives us an extra opportunity to share even more with our team, especially frontline and non-executive employees."