What To Do If Your Employer Suspends 401(k) Matching Contributions [Forbes]
Willis Towers Watson Public Limited Company - Ordinary Shares (WLTW)
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Source: Forbes
Exhausted businesswoman having a headache in modern office. Mature creative woman working at office... [+]desk with spectacles on head feeling tired. Stressed casual business woman feeling eye pain while overworking on desktop computer.GettyThanks to the COVID-19 crisis, your investment portfolio has most likely taken a hit. But there may be even more retirement related fallout from the coronavirus pandemic: Your employer could freeze their 401(k) matching contributions.As companies struggle to cut costs and survive, many are laying off workers and slashing extra expenses. Ari Sonneberg, a partner with the, notes that 401(k) matching contributions to employee accounts make an attractive target for cost cutting.“We certainly saw a decrease in employer contributions during the Great Recession and a significant increase thereafter, and we have, in the last few weeks, been getting many calls from plan sponsors looking for advice on how to properly suspend or reduce employer contributions,
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