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Benefits March 11, 2004
Ford Jump Starts Bonuses, K Matches
March 11, 2004 (PLANSPONSOR.com) - Citing an
improving economic climate, Ford Motor Co. is reinstating
partial 401(k) plan matches for salaried workers and bonuses
to middle and upper management workers.
Reported by
Eric Hazard
The move to restore partial matches will impact roughly 45,000 salaried workers’ 401(k) plans. Under the terms of the match, Ford will match contributions at a rate of $0.60 cents per dollar up to 5% of an employee’s base salary. Partial matches to the automaker’s salaried employee 401(k) plan were suspended in 2002, according to a Dow Jones report.
As for the restoration of bonuses tomiddle- and upper-management employees, the move marks the first time in three years that Ford has paid bonuses to those employees. About 6,200 executives worldwide will be eligible for bonuses.