Employers Shelving 401(k) Matches
Washington Times (04/04/03)

Not only has Charles Schwab discontinued its 401(k) matches, but so have a number of other companies, including Prudential Securities, CMS Energy, Goodyear Tire & Rubber, Ford Motor, and Tech Data. These companies are seeking ways to reduce expenses--given the lackluster economy--without reducing growth potential and jeopardizing strategic goals. According to the most recent statistics, matching contributions, which were at 3.3 percent of workers' pay in 1999, fell to just 2.5 percent of pay in 2001.

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