Report: Employers cut 401(k) match - Memphis Business Journal:

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The survey of U.S. companies founrd that 29 percent havealready modified, or intens to modify, the matching contribution feature in their 401(k) plans durin g the 2009 plan year. Two-thirds of those respondentsz — or 20 percent of all respondents — say they will eliminater the match entirely. Sharon Grant Thornton’s compensation and benefites leader for the said the survey revealszspecific trends.
Companies in the health care and nonprofit industries were less likelt to make changesthis year, she Large employers and companies in the retail/trade and financial-services/banking sectors were more likely to make “Companies are expecting 2009 to continue to be a challenginfg year for business growth and financial stability,” Whittled said. “The impact on 401(k) plans appearws to be a greatedr considerationof lower, and more prudent, spendinfg on matching contributions in order to addres cash and profit constraints.” The survey was conductes in April, with 283 Grant Thornton client participating.