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| Your 401(k) match at stake As the faltering economy forces companies to cut back, employee perks are among the first things to go. And along with free coffee in the break room, the next thing your employer might axe is its contribution to your retirement savings plan. About 84% of companies in the U.S. offered employees a 401(k) match as of last year according to Watson Wyatt, a benefits consulting firm. But for cash strapped companies, reducing or eliminating the retirement contribution may be one way to cut back on costs during hard economic times. Frontier Airlines already announced that it was suspending its matching contributions to 401(k) plans earlier this year. Struggling automakers General Motors and Ford, as well as Dollar Thrifty Automotive Group and real estate firm Cushman & Wakefield also announced they would no longer be offering employer matches. Publ.Date: Fri, 21 Nov 2008 16:30:20 EST Source: CNN.com Obama: Geithner for Treasury President-elect Barack Obama is expected to nominate New York Federal Reserve President Timothy Geithner for Treasury Secretary. Publ.Date: Fri, 21 Nov 2008 17:54:10 EST Source: CNN.com |