The number of companies making a match on their 401(k) plans has dropped by 7 percent since 2009, driven by the stock market crash of 2008 and the recession, a survey has found.
Because of the hard economic times, companies have looked for ways to cut expenses and increase profits, and many have chosen to do that by cutting back on their contributions to employee retirement accounts.
The 401k Performance Survey, conducted by American Investment Planners LLC, found that about 5 percent of 401(k) plans, or 13,811, stopped matching in 2010. An additional 2 percent stopped matching in 2011.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
