Earlier this week, the Pension Rights Center’s list of companies that have suspended their 401(k) matching contributions reached 100.
The companies on this list are big and small. The list includes the Big Three automakers, various auto parts suppliers, a dry cleaning chemical manufacturer, a wave of newspaper publishers and even a small county in North Carolina. Each entity has chosen to temporarily suspend 401(k) matching contributions to help them cope with the financial impact of the recession.
As we wrote a few weeks back, we hope that these companies reinstate their 401(k) matches once the financial health of their companies improves.