Motorola stops 401(k) matching, freezes executive pension plans(3)
Motorola added to the growing mix of ways companies are trying to preserve cash during the current economic downturn by discontinuing their matching of employee contributions to the company’s 401(k) pension plan, beginning Jan. 1, 2009, according to a filing it made with the SEC. And on March 1, future benefit accruals and compensation increases will cease for participants under plan as of Feb. 28. (Vesting in the plan will continue for those not already fully vested.)
Given that step, the company also decided to modify Read the rest of this entry »
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