Any companies doing away with 401k match?

[CompoundInterestFan]

Just read this article, and was wondering if anyone's experienced their company taking away a 401k match:
No 401(k) match? No problem - MSN Money

 

[Marquette]

Not here...

YTD company match: $5,869.63

It's called out as part of my total compensation. If they take it away, then I'd expect to either get that as an increase to my salary. Otherwise, call it what it is, a pay cut.

If it's a move to 'remain competitive' then that's understandable and the employee is free to figure out if they want to stick around and help the company remain competitive or if they want to find a new job with more competitive pay.

 

[ziggy29]

Not yet. They are currently matching the first 5% of pay dollar for dollar.

 

[bssc]

Still matching here. However, I suspect that we won't be getting as much profit sharing.

 

[madsquopper]

So far so good. You are "forced" to contribute 2% of your salary, but then they dump in 7.5% as a match. After that, anything up to your additional 10% input is matched at a third. So if you max out, you end up with a total match of 7.5 + 3.33 = 10.83%

Larry

 

[FinanceDude]

So far so good. You are "forced" to contribute 2% of your salary, but then they dump in 7.5% as a match. After that, anything up to your additional 10% input is matched at a third. So if you max out, you end up with a total match of 7.5 + 3.33 = 10.83%

Larry

It's the best cheapest way to keep employees around..........

 

[Milkman]

We have never had a "match," but the profit sharing contribution from the company is a minimum of 3% of salary and refered to a "Safe Harbor." Total profit sharing contribution over recent years has been in the neighborhood of 7-8% of total annual earnings. It is my understanding that the "Safe Harbor" permits higher earning employers to max out on their contributions. A number of years ago, I had to stop making contributions in October for that reason. Now, with the "Safe Harbor" provision, there are no restrictions.

Milkman

 

[harley]

Just as I FIREd, our company did away with the pension. This is one of the reasons I bailed when I did.

At the time, they matched 83.5% of 6% = 11%. What they did to soften the blow with the pension is to contribute up to an extra 3% into the 401k. The increase is dependent on how the company does each year. If they kick @$$, the employees that bother to put money into the 401K could do quite well (up to 14% for the cost of pre-tax 6). Of course, there hasn't been much @$$ kicking in the 2 years since I left.