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Benefits March 26, 2009
JPMorgan Chase Stops Match
March 26, 2009 (PLANSPONSOR.com) - JPMorgan Chase
& Co. said it will stop matching 401(k) contributions for
its roughly 200,000 workers worldwide, the Dayton Business
Journal reports.
Reported by Rebecca Moore
Darcy Donahoe-Wilmot, a spokeswoman for the bank, confirmed the move Wednesday, saying it is “based on the current economic environment,” according to the news report.
Most match contributions will stop May 1, though employees making less than $50,000 a year will see their match stopped July 1. Donahoe-Wilmot told the Dayton Business Journal the bank will evaluate whether to restart matching at the end of the year.
However, employees making $250,000 annually or more will see their contributions discontinued indefinitely, she said.
In February, another bank, Huntington Bancshares announced it was also cutting its match (see Huntington Bank Cuts 401(k) Match ).