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Benefits February 11, 2009
Daily News Calls Off 401(k) Match
February 11, 2009 (PLANSPONSOR.com) - The New York
Daily News has suspended its 401(k) match.
Reported by Fred Schneyer
A news report in Crain’s New York Business said the suspension would be effective February 15 and quoted a letter sent to employees by News Chief Executive Officer Marc Kramer.
“We do not know how long the current financial crisis, and the dramatic decline in advertising revenues, will continue,” Kramer wrote, according to the news article. “So we must do everything possible to ensure that we match our costs with our revenue.”
Kramer added that the company was “committed to reinstating the matching contribution feature of the plan as soon as the business climate allows.”