Get more! Sign up for PLANSPONSOR newsletters.
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.
You Might Also Like:
Mutual Funds See First Net Inflows in More Than 2 Years
Despite net inflows to mutual funds in February, reversing the long-term trend of outflows is unlikely, according to analysts.
Minnesota Sponsor Sues Adviser for True-Up Plan Amendment
The cost of a plan amendment to allow safe harbor and true-up contributions prompted Great Lakes Management Co. to allege...
Benefits |
Molina Healthcare Close to Win in ERISA Lawsuit
A California federal judge’s ruling in an ERISA lawsuit against Molina Healthcare provides a window into this court’s thinking on...