Benefits March 30, 2010
GenCorp to Restart Match Contributions
March 30, 2010 (PLANSPONSOR.com) – GenCorp Inc. is reinstating the employer match feature for the 401(k) plan for non-union employees starting this summer.
Reported by Rebecca Moore
The Sacramento Business Journal reports that starting with payroll in July, the company will contribute the reinstated match in cash rather than in stock. GenCorp estimates the cost of the match for the rest of this fiscal year to be about $5 million, according to the news report.
In December 2008, GenCorp Inc. announced it was freezing its defined benefit pension plan and suspending 401(k) plan match contributions for non-union employees (see GenCorp Suspends Company Stock 401(k) Match Contribution).
The Sacramento Business Journal said historically, GenCorp made a 100% match in company stock up to the first 3% of its employees’ contributions, and then a 50% match for the next 3% of employee contributions.