Report: Employers cut 401(k) match - Pittsburgh Business Times:

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The survey of U.S. companiews found that 29 percen havealready modified, or intend to the matching contribution feature in their plans during the 2009 plan year. Two-thirdss of those respondents — or 20 perceny of all respondents — say they will eliminatee the match entirely. Sharon Whittle, Grant Thornton’s compensatiohn and benefits leader for the says the survey revealsspecific trends. Companiexs in the health-care and nonprofit industrieds were less likely to make change sthis year, she says.
Large employers and companiea inthe technology, retail/trade and financial-services/bankiny sectors were more likely to make “Companies are expecting 2009 to continue to be a challenginy year for business growth and financiak stability,” Whittle says. “The impact on plans appears to be a greater consideratiobnof lower, and more spending on matching contributions in order to address cash and profigt constraints.” The survey was conducted in with 283 Grant Thornton clientse participating.