401(k) match

The venerable 401(k) has been under fire since the recession. Here's what could replace it.

One of the most widely dispensed, and universally accepted, pieces of financial advice is that you should contribute at least enough to your 401(k) to get the full match from your company. If you don’t, so the wisdom goes, you will be giving up free money. Well, it turns out that money isn’t exactly “free.” In a sense, it’s actually coming right out of your paycheck.

SunTrust Banks will freeze its employee pension plan at year’s end, following a cost-cutting move pursued in recent years by several companies.

The majority of companies that suspended their 401(k) match during the recession have since restored them, according to a new Towers Watson report.