Asset managers Capital Group, Franklin Templeton, BNY Mellon and State Street said they would cover travel costs for employees seeking an abortion outside of a state that has restricted the procedure.
The fund managers’ announcements come after a number of financial services firms – including JP Morgan, Wells Fargo, Goldman Sachs, Citi and Jeffries – made similar statements following the Supreme Court’s decision to last week to overturn the landmark 1973 abortion decision Roe v. Wade.
Roe legalized abortion nationwide, though it was only legal in several states before the decision.
The decision in the recent case, Dobbs, State Health Officer Of The Mississippi Department of Health, et. Al.c. Women’s Health Organization of Jackson et. al., gives each state the power to set its own abortion laws. Dobbs v. Jackson was about a Mississippi law that banned nearly all abortions after 15 weeks.
Following last week’s Supreme Court ruling, a number of the nation’s largest financial firms said they would cover travel costs for employees who may now have to travel outside their state of residence to abort.
Part of the court’s majority decision, written by Judge Samuel Alito, was revealed in an unprecedented leak in May, telegraphing that Roe was in danger. That prompted some banks and asset managers to act ahead of Friday’s decision.
JP Morgan told the New York Times that the bank, the nation’s largest with 170,000 employees, “is focused on equal access to health care for all of its employees.”
A June 1 memo obtained by Citywire was sent to JP Morgan employees stating that their travel expenses would be covered for trips over 50 miles to receive certain medical procedures, including abortions.
JP Morgan made no statement in Friday’s decision other than to say through a spokesperson that “as always, we are focused on the health and well-being of our employees and want ensure equitable access to all benefits”.
Bank of America, Goldman Sachs, Wells Fargo and Jeffries also said they would pay for employee travel out of state to seek medical treatment, according to reports.
State Street told Citywire on Monday that “in light of the United States Supreme Court’s decision, we are working to ensure that all American employees will have access to reproductive health care, regardless of the state in which they live”.
Prior to the May leak, Citigroup announced it would offer travel benefits to employees seeking treatment after Texas passed laws restricting abortion access, according to the Wall Street Journal. More than 10,000 full-time and part-time Citi employees live in the state.
Asset managers have since joined some of Wall Street’s biggest banks in offering expense coverage for employees traveling out of state for abortion procedures.
Capital Group said in a statement that its medical plans “have long provided coverage for abortions” and that in January it expanded its offerings to cover out-of-state travel for the procedure.
Franklin Templeton said the company had also expanded benefits for women traveling for abortions ahead of the Supreme Court’s ruling on Friday if the procedure was unavailable to their homes. [state].’
BNY Mellon said it has expanded travel benefits under its medical plan to cover network provider health services that are not available in the state where employees live.
Fidelity said its benefits cover abortions as healthcare procedures, but it does not and does not intend to offer travel benefits to associates who must travel for an abortion. Remote transportation and accommodation benefits are available for a limited set of procedures, such as organ transplants, a spokesperson said.
An Invesco spokesperson said the Atlanta-based company had “covered comprehensive reproductive care for years and will continue to do so.”
“Invesco has extended the coverage of its medical plans to provide reimbursement of travel expenses if an employee or an employee’s covered dependents cannot receive any covered medical services – including abortion services – in within 100 miles of their home,” the Invesco spokesperson said in a statement.
Nearly half of the nation’s 50 states have trigger laws prohibiting the procedure if Roe or pre-Roe statutes prohibiting procedures are overturned that could go into effect. Republicans have made longstanding efforts to overturn Burger’s court ruling since it was handed down in 1973, arguing that abortion is not a constitutional issue and should therefore be settled politically either in the legislatures of the States or by Congress.