Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Benefits March 4, 2009
Actuant Cuts Contributions to 401(k) and Executive Benefit Plan
March 4, 2009 (PLANSPONSOR.com) - Diversified
industrial manufacturer Actuant Corp suspended its core
contribution to the company's 401(k) plan and to its
restoration plan for the majority of its U.S.
employees.
Reported by Rebecca Moore
According to Reuters, in a regulatory filing, the company said the suspensions, including its core contribution of 3% of cash compensation, are applied retroactively to September 1, 2008.
The restoration plan allows named executives and other U.S. employees with an annual cash compensation of more than $225,000 to get a core contribution calculated as if no Internal Revenue Service limits were in place, Reuters said.
The company also cut the base salaries of its top executives, including CEO Robert Arzbaecher, by 10%, effective Monday. The company said Arzbaecher’s base salary after the reduction is $765,000, according to the news report.