Archive - January 27, 2009

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What if Your Employer Drops its 401(k) Match?

What if Your Employer Drops its 401(k) Match?

What do FedEx, General Motors, Frontier Airlines, Eastman Kodak, Motorola, Sears and Unisys all have in common? All have announced plans to cut costs by suspending their matching contributions to employee 401(k) plans. Even Starbucks has announced that it may drop its 401(k) match in 2009.

Employee benefits firm Watson Wyatt Worldwide reported the results of a survey that asked companies about plans for a variety of cost-cutting moves.  3% reported that they had reduced their defined-contribution match as of last month, while 7% reported plans to do so this year. Emily Brandon, at the Planning to Retire Blog,

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