Companies Cutting 401k Match

[dollardaze]

As companies lose revenues due to our current economy, many are now cutting out what they seem to think is "excessive" spending on their part. At this time one of those spending cuts that is seeing increasing popularity by the company executives is the 401k match.

FedEx is the latest company to cut out their 401k match. Other companies that cut out their 401k match are Eastman Kodak, General Motors, Motorola and Resorts International.

With the American worker worried about losing their jobs, homes and security, this is another blow to their finances. Many of the American workers are depending on their 401k plans to give them a secure retirement future. This seemingly growing trend is a big blow to their retirement plans.

[moneysense]

Now this really miffs me!! It is always the employees that have to make the sacrifice to keep the companies going. Why dont some of these of the highly paid CEOs take a salary cut? Most of them make BIG bucks, they should have to share some of the burden to keep the companies afloat, not just lay it all on the employees.