Although a recent staff discussion at EBN headquarters questioned whether an automaker (with industry profits down more than 30% by some estimates) halting 401(k) contributions was a "big deal" -- since it comes as no surprise to our jaded ears -- here you have it:
General Motors last week announced it will freeze its 401(k) match in the company's ongoing effort to cut costs, and reports this week from
"We are in a very nasty situation that isn´t going to get better for some time and a lot of employers are going to be anxiously looking at how to reduce costs," Ted Benna, father of the 401(k) and knows of what he speaks, told the pub.