Washington Times Suspends 401(k) Match

November 13, 2009 (PLANSPONSOR.com) – The Washington Times has told staff that it is suspending its 401(k) match.

According to MediaBistro, Times VP of Human Resources Sonya Jenkins on Friday sent a memo to employees informing them that "effective November 13, 2009 (today), the matching contributions under The Washington Times 401(k) Savings Plan and Supplemental Survivor & Retirement Plan (SSRS) will be suspended."  

Jenkins said in her memo, "we regret having to take this action but believe it is the prudent thing to do in light of current economic and industry conditions."   

According to the report, the memo also said “This change does not affect matching contributions made in the past. It is our hope that with improvement in economic conditions the matching contributions can be reinstated in the future.”

Nevin E. Adams
editors@plansponsor.com