Report: Employers cut 401(k) match - Jacksonville Business Journal:

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The survey of U.S. companies found that 29 percent have already or intendto modify, the matching contributionb feature in their 401(k) plans during the 2009 plan Two-thirds of those respondent s — or 20 percent of all respondentsx — say they will eliminate the match Sharon Whittle, Grant Thornton’s compensation and benefita leader for the Carolinas, says the surveyy reveals specific trends. Companies in the health care and nonprofit industries were less likelh to make changesthis year, she says. Largs employers and companies inthe technology, retail/trade and financial-services/bankinyg sectors were more likely to make changes.
“Companiese are expecting 2009 to continue to be a challenging year for businesws growth andfinancial stability,” Whittle says. “Thr impact on 401(k) plansa appears to be a greater considerationof lower, and more spending on matching contributions in order to address cash and profir constraints.” The survey was conducted in April, with 283 Grant Thornton clients