Benefits April 21, 2009
Weyerhaeuser Suspends 401(k) Match
April 21, 2009 (PLANSPONSOR.com) - Weyerhaeuser Co. says it has approved the temporary suspension of 401(k) matching contributions for all employees.
Reported by Rebecca Moore
A Reuters alert said the company announced in a filing that the suspension will begin May 1. The filing noted that as a result, named executive officers will not receive any match contributions.
Weyerhaeuser is the latest in a string of employers cutting match contributions in an effort to reduce costs (see Retiree Lobbyist Group Joins 401(k) Match Suspension List ).
In recent years, the Oklahoma-based firm has been involved in a controversial workplace firearms suit (see Texas Legislature to Consider Workplace Firearms Bill ).
« SEIU Launches Incentive Pay Initiative