On top of the declining value of their investments, employees depending on 401(k) plans to build retirement nest eggs are getting another shock courtesy of the economic meltdown.
According to a survey by accounting firm Grant Thornton, 29% of companies have reduced or intend to otherwise modify their contributions to employees’ 401(k) accounts. Of those employers, two-thirds have eliminated matching contributions altogether.
Large employers were more likely than small employers to change plans. In particular, technology, retail/trade, and ironically, the financial services/banking sectors were the most likely to cut contributions.
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