Companies Are Cutting 401(k) Contributions in the Wake of the Pandemic

Millions of individuals have been hurt by the coronavirus pandemic -- namely, those who have lost their jobs since the outbreak began. But companies are feeling the pain, too, and are cutting corners to try to conserve resources.

One area they're cutting is 401(k) contributions. A good 8% of employers have reduced their 401(k) contributions in recent months, reports the Plan Sponsor Council of America, and more are considering joining their ranks.

All told, an estimated 46,000 plans have seen their employer contributions cut. For some, that meant losing an employer match altogether. For another, it meant a reduction.

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Source Fool.com