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401(k)
Exchange ideas about health plans, retirement, work/life benefits, and employee assistance.
We are about to notify ee's that we will no have company match on our retirement plan. Does anyone have any samples of notifications that they have sent out to their ee's?
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401(k)
posted at 2/26/2009 5:25 AM EST
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Posts: 2146
First: 2/15/2006 Last: 9/14/2011 |
Ours was part of our 2009 benefits communication and was very very simple "401k Plan Changes: The company match will be suspended in 2009. However, you may still defer up to $15,500 of your wages. To make changes to your deferral rate and/or fund options, please see Human Resources to complete the forms needed."
However, the employees knew back in early November that it was stopping at 1/1. Many went ahead and stopped deferrals in November realizing that the employer was trying to cut costs/budgets quickly. This has lowered participation drastically. Only about 25% of those participating with a match are still participating. We are watching this year to see if we should terminate the plan. I hate doing that because then you have to wait a specific time frame before starting a new one. YUCK! |
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