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UPS Suspends 401(k) Match

Before the suspension, which took effect February 1, UPS matched 100 percent of employees’ salary deferrals up to the first 3 percent of pay.

February 5, 2009
Related Topics: Retirement/Pensions, Policies and Procedures, Latest News
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Package delivery giant United Parcel Service Inc. has suspended its 401(k) plan match for management and other nonunion employees.

Before the suspension, which took effect Sunday, February 1, UPS matched 100 percent of employees’ salary deferrals up to the first 3 percent of pay.

The suspension comes as UPS, like so many other corporations, has seen revenue and earnings decline as the economy has slowed.

In the fourth quarter of 2008, revenue declined 5.2 percent compared with 2007 to $12.7 billion, while operating profit, excluding certain one-time events, slipped 25.4 percent during the same period to $1.38 billion.

(Click here to read related stories, including those about other companies that have suspended their 401(k) matches.)

Filed by Jerry Geisel of Business Insurance, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.

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