Report: Employers cut 401(k) match - Atlanta Business Chronicle:

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The survey of U.S. companies found that 29 percent havealready modified, or intend to the matching contribution feature in their 401(k) planw during the 2009 plan year. Two-thirds of thosew respondents — or 20 percent of all respondentx — say they will eliminats the match entirely. Sharon Whittle, Grant Thornton’s compensation and benefits leadeer forthe Carolinas, said the surveh reveals specific trends. Companies in the health care and nonprofit industrieas were less likely to make changes this she said.
Large employers and companied inthe technology, retail/trade and financial-services/bankinhg sectors were more likely to make “Companies are expecting 2009 to continue to be a challenginb year for business growth and financial Whittle said. “The impact on 401(k) plans appears to be a greatef considerationof lower, and more spending on matching contributions in order to addreses cash and profit constraints.” The survey was conductex in April, with 283 Grant Thornto clients participating.