Citation :
The market’s decline has already damaged retirement account balances. Now, more companies are cutting the contributions they make to employees’ 401(k) plans to save cash in the economic crisis sparked by the coronavirus. Amtrak, La-Z-Boy Inc., retailer Mattress Firm Inc., and travel tech company Sabre Corp. are among the first in an expected wave of businesses suspending or reducing matching contributions to employees’ 401(k)s, a move that can have a spillover effect on workers’ own contributions. Marriott International, which employed some 174,000 people at the end of last year, said it would delay paying the matching contributions it was scheduled to deposit in participants’ accounts on March 10 until September. Macy’s Inc. is also delaying its 401(k) match to later this year, according to a spokesperson
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