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Benefits February 27, 2009
U.S. Steel Announces Match Suspension
February 27, 2009 (PLANSPONSOR.com) - U.S. Steel
Corp. announced it has suspended company match contributions
for its two New York-based 401(k) plans effective January
1.
Reported by Rebecca Moore
Workforce Management reports that company spokesman John Armstrong says the company was matching 100% of employees’ contributions up to 5% of pay.
The steel giant joins the growing number of firms cutting retirement plan contributions in an effort to curb costs (see Coca-Cola Bottling Caps Match ).
The news report said U.S. Steel’s board of directors has, however, authorized additional, voluntary contributions of up to $300 million to its pension and health care trusts by 2010.