401(k) Match
ddnicole
12 Posts
We will stop matching contributions to our 401(k) plan, I want to know has anyone else gone through this and does anyone have a general notification that they send out to employees?
Comments
We recently stopped ours as well. We gave the 30 days notice to the employees in hard copy memos and were hand delivered to each deaprtment manager. It was a very simple statement- "After much difficult deliberation, "company name" unfortunately must suspend the employer match on our company’s 401(k) plan. This will become effective the first payroll in 2009. We have been pleased to provide this benefit to our employees and hope to restore it in the future. If you have any questions, please feel free to contact me."
I expected a large amount of negative feedback, but amazingly, didn't receive any. At this stage of the game, most employees are happy to still have a job.
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Is the 30 notice compulsory, or just advisable? Need an answer soon.