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Benefits February 4, 2009
Wynn Resorts Calls Off 401(k) Match
February 4, 2009 (PLANSPONSOR.com) - Las Vegas
resort company Wynn Resorts has joined the legions of
employers suspending their 401(k) match.
Reported by Fred Schneyer
A news release from the company said the cost-savings package announced this week that included the match suspension should save Wynn $75 million to $100 million annually.
According to the announcement, other economy moves included:
- pay cuts for salaried employees based in Las Vegas,
- reduced work weeks for full-time hourly employees, and
- elimination of the 2009 bonus program.
“The management team at Wynn Resorts recognizes their responsibility to the employees, customers and shareholders to maintain the strength and health of the business and the integrity of the guest’s experience,” said Steve Wynn, Chairman and CEO of Wynn Resorts, in the announcement. “We will make decisions that protect and preserve the stability of the employees and allow the company to optimize its performance.”
The Mohegan Tribal Gaming Authority announced in January that it will suspend future annual and merit pay raises and stop company match contributions to its 401(k) retirement plans (See Mohegan Sun Casino Stops Match, Cuts Pay ).