Companies restoring 401(k) matches

Companies are restoring plan contributions that were reduced or suspended since the beginning of 2008, according to the Plan Sponsor Council of America. Many companies are increasing or adding new contributions to their plan.

A recent survey, “401(k) and Profit Sharing Plan Response to Current Conditions,” found that half of plans that suspended their matching contributions in the last four years have fully restored it. The survey also found that 66.7 percent of companies surveyed maintained their matching contribution, 12.1 percent increased their match or added a matching contribution and 7.3 percent have fully restored suspended or reduced matches. Nearly 14 percent said they still have suspended or reduced matching contributions.