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Benefits February 6, 2009
7-Eleven Latest to Suspend 401(k) Match
February 6, 2009 (PLANSPONSOR.com) - Dallas-based
7-Eleven Inc. said it is cutting 200 positions and suspending
contributions to employees' 401(k) accounts to minimize
future job losses.
Reported by Rebecca Moore
The Dallas Morning News reports the 200 jobs being eliminated are in Dallas corporate and other non-store operations throughout the U.S. and Canada, and represent 10% of the company’s non-store workforce. The company said those losing their jobs would be provided severance and outplacement services.
In addition, 7-Eleven management told employees Thursday it is suspending merit pay increases and reducing incentive compensation for most positions.
7-Eleven joins a growing number of companies announcing match contribution suspensions to reduce costs in the down economy (see Eddie Bauer Suspends Match ).