401(k) matchless? Join the club. At least 31 major companies have cut or changed their contribution to employee 401(k) accounts since the financial crisis began. Most went into effect on the first of this year. Workers at many of these companies must now fund retirement entirely on their own.
Employers That Have Cut or Changed Their 401(k) Match and Effective Date
US Steel 01/01/2009
ShopNBC 01/01/2009
GateHouse Media 01/01/2009
Media News Group 01/01/2009
Sears Holding Corp. 01/31/2009
NCR Corp. 12/29/2008
Albany International Corporation 02/28/2009
Starbucks 01/01/2009
Keithley Instruments 01/01/2009
Unisys 01/01/2009
American Media 12/31/2008
Kemet 01/01/2009
FirstMerit 01/01/2009
FedEx 02/01/2009
GenCorp Inc. 01/15/2009
Motorola 01/01/2009
Momentive Performance Materials 01/01/2009
Boyd Gaming Corporation 01/01/2009
Resorts International Holdings L.L.C. 01/01/2009
Eastman Kodak 01/01/2009
Vail Resorts 01/01/2009
Ford unknown
Chrysler unknown
Station Casinos unknown
Intermountain Healthcare 01/01/2009
Cushman & Wakefield 01/01/2009
Lee Enterprises Inc. unknown
Entercom unknown
A.H. Belo Corporation 01/01/2009
General Motors 11/01/2008
Frontier Airlines Holdings Inc. unknown
Source: Pension Rights Center
Also, these companies cut their 401(k) match during the last recession. Most firms resumed employer contributions when their bottom line improved. Please tell us about any companies we have missed below.
Reader Comments Read all comments (12)
Any One of OH 9:39AM April 08, 2009
T. Merdian of IL 12:56PM March 30, 2009
Leonard Roberson of GA 3:20AM March 13, 2009