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U.S. Steel Suspends Match for 401(k) Plans

February 26, 2009
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Related Topics: Retirement/Pensions, Benefit Design and Communication, Labor Relations, Latest News
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U.S. Steel Corp. announced Tuesday, February 25, that it has suspended the company match on its two New York-based 401(k) plans effective January 1, confirmed spokesman John Armstrong. The Pittsburgh company match is 100 percent up to 5 percent of an employee’s pay, he said.

According to the 2009 Money Market Directory, U.S. Steel’s 401(k) plan for salaried employees had $1.09 billion in assets as of December 2007, and its 401(k) plan for union employees had $594 million as June 2008. The company also contributed $140 million to its defined-benefit plan in 2008, confirmed U.S. Steel spokesman John Armstrong. The plan was valued at $7.6 billion as of December 31, and was underfunded by $2 billion.

Its board of directors has authorized additional, voluntary contributions of up to $300 million to its pension and health care trusts by 2010.

Filed by Timothy Inklebarger of Pensions & Investments, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.

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