Benefits April 21, 2009

Weyerhaeuser Suspends 401(k) Match

April 21, 2009 (PLANSPONSOR.com) - Weyerhaeuser Co. says it has approved the temporary suspension of 401(k) matching contributions for all employees.
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A Reuters alert said the company announced in a filing that the suspension will begin May 1. The filing noted that as a result, named executive officers will not receive any match contributions.

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Weyerhaeuser is the latest in a string of employers cutting match contributions in an effort to reduce costs (see Retiree Lobbyist Group Joins 401(k) Match Suspension List ).

In recent years, the Oklahoma-based firm has been involved in a controversial workplace firearms suit (see Texas Legislature to Consider Workplace Firearms Bill ).

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