Note to Coca-Cola Bottling Co. employees: Get your 401(k) match while you still can. The second largest bottling company in the U.S. will suspend matching contributions to its 401(k) plan on April 1, according to a Friday regulatory filing. The company currently contributes one dollar for each dollar saved by the employee, up to five percent of the worker’s pay.
Coca-Cola Bottling Co. joins over 90 other companies that have eliminated on changed their 401(k) match since October 2008, according to the Pension Rights Center, including UPS, Macy’s, and Motorola. Human resources consulting firm Hewitt Associates believes that upwards of 10 percent of companies could potentially suspend or reduce their match in the coming 12 to 18 months.