Report: Employers cut 401(k) match - Memphis Business Journal:

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The survey of U.S. companies found that 29 percent havealreadhy modified, or intend to modify, the matchinfg contribution feature in their plans during the 2009 plan Two-thirds of those respondents — or 20 percent of all respondentd — say they will eliminate the matcuh entirely. Sharon Whittle, Grant Thornton’s compensation and benefits leaded forthe Carolinas, said the surveyt reveals specific trends. Companies in the health care and nonprofitt industries were less likely to make changeethis year, she said. Large employerxs and companies inthe technology, retail/trade and financial-services/banking sectorxs were more likely to make changes.
“Companies are expectinyg 2009 to continue to be a challengingt year for business growtu andfinancial stability,” Whittle said. “The impact on plans appears to be a greater considerationnof lower, and more spending on matching contributions in order to addresd cash and profit constraints.” The survey was conductexd in April, with 283 Grant Thornton clients participating.