January 22, 2001 (PLANSPONSOR.com) - Plan sponsors
can find access to additional information about their peers
at FreeERISA.com, which has added EIN FINDER, a searchable
database of employer identification numbers.
The EIN FINDER has information for more than 1.3 million
American employers, and is searchable by company name,
state and/or zip code.
The site has also added a Tax-Exempt Funds database,
including contact names and telephone numbers for more than
60% of the organizations listed in the database.
September 30, 2002 (PLANSPONSOR.com) - General
Motors Corp. will increase the twice-slashed 401(k) match for
nearly 45,000 US salaried employees, company officials said,
according to news reports.
The company did not say how much it would increase
its match in the employee retirement savings program or
when the change would take effect, an AP news report
said.
GM now matches $0.20 for every dollar an employee
contributes up to 6% of his or her salary, Wickham
said.
The move comes after the company twice cut its match
since March 2001. First, the match fell from $0.80 to
$0.60. And then in January, it went from $0.60 to $0.20
(See
Company Match Hits the Skids at GM
).
“It’s just general confidence in our performance,”
Wickham told the AP. “The economics were such that we
could award this to the employees.”
GM’s profit more than doubled to $1.3 billion in
the second quarter this year. The company cited improved
sales, higher North American production, and the benefits
of cost-cutting efforts.
Most hourly auto workers have 401(k) plans they can
contribute to, but do not receive a matching portion from
the employer. For white-collar autoworkers, matching
401(k) plans are standard.
GM was hardly the only company to try for corporate
savings by slashing or eliminating a retirement plan match.
Recently, automotive companies have cut back their
programs. Ford Motor Co., for instance, eliminated matches
for employees in January while other firms made similar
moves (See
Employers Strike the Match
).