Anthem, Inc., will contribute $1,000 to the 401(k) accounts for each of its more than 58,000 associates and recent retirees.

In a statement, Anthem said that its decision followed the recent revisions to the U.S. tax code.

In total, Anthem said, it will contribute more than $58 million to the program.

In addition to the Anthem 401(k) program, the company said it is investing savings from the changes in the tax code in other efforts "to reduce the cost of healthcare and benefit the consumers we serve and our shareholders."

"At Anthem, we are fortunate to have more than 58,000 associates who work every day to make healthcare more affordable, accessible, and simpler for individuals," said Gail K. Boudreaux, the president and chief executive officer of Anthem. "We are extremely grateful for all that they do on behalf of our more than 40 million consumers as well as the care providers and communities we serve. This new program is an opportunity for us to thank our associates and also ensure that they benefit from the recent changes to the U.S. tax code. It is our hope that, by contributing to our associates' 401(k) plans, we are able to offer a program that will help them and their families now and in the future."

Anthem's full-time, part-time, temporary employees, and recent retirees are eligible to receive the 401(k) contributions. For eligible employees who have not previously participated in Anthem's 401(k), the company said it automatically will establish a 401(k) account and make the $1,000 investment. Employees will receive the contribution on March 29 and have the ability to select how the money is invested by choosing from the 15 investment options that are offered through Anthem's 401(k) program.