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Benefits January 8, 2009
KY Bank Ups its 401(k) Match
January 8, 2009 (PLANSPONSOR.com) - In contrast to
most recent news reports regarding employer matching
contributions, Louisville-based Republic Bank has increased
its 401(k) match and is vesting its workers in the match
funds faster.
Reported by Fred Schneyer
Republic Bank Chairman and CEO Steve Trager told
the Louisville Courier-Journal the move was done in light
of the company’s strong results last year.
Since January 1, Republic has matched 100% of employee 401(k) contributions, up from half, the newspaper said. Also, employees will be vested in the funds after two years, rather than the current six years.
The bank’s announcement is a sharp contrast to recent news reports indicating companies are cutting or suspending their matching contributions to save money during the economic downturn (see Sears Suspends 401(k) Match in Face of Declining Sales ).