Just in time for the start of the holidays, some workers have some good news to help boost their good cheer. Recent surveys show that many companies that stopped matching employees’ 401(k) contributions because of the recession have either reinstated the matches or are making plans to soon.
“It looks like the beginning of a return to something like it looked like before,” said Mike Doshier, vice president at Fidelity, the nation’s largest provider of 401(k) plans. A recent Fidelity Investments survey found that 27% of companies that either eliminated or reduced their match had already returned to the previous level of matching or planned to by the end of 2010.
Human resources firm Watson Wyatt also surveyed companies that had cut back on matches and found that 35% planned to reverse those cuts within the next six months, up from 30% in June.
It may be small, but it’s nice to have some good money-related news for a change. Does your company have good news in the area of 401(k) matches? If so, share it here.
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