Companies Cut Employee Retirement Plans

If it isn't bad enough that Americans have seen the value of their 401(k)s plunge this year, now some companies are abandoning their 401(k) matching contributions to save cash. Wednesday, FedEx became the latest company to announce such a cutback. Workers there are taking a 5 percent pay cut (top managers are seeing a 7.5 percent to 20 percent pay cut), with no pay raises next year. FedEx is also dropping its 401(k) match contributions for at least a year, starting in February. The move...Full Story
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