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401(k) matches mostly back, Towers Watson says |

401(k) matches mostly back, Towers Watson says

Wire Reports
| Thursday, November 3, 2011 12:00 a.m

Employers that suspended contributions to 401(k) employee retirement plans during the financial crisis are continuing to reinstate them, according to a benefits consultant.

About 75 percent have restored matching contributions, according to the study of 260 employers by New York-based Towers Watson & Co. Of those that restored contributions, 74 percent have reinstated the match to previous levels, while 23 percent of employers are giving less. Three percent of employers increased their match, the survey found.

One reason why employers might increase their contributions is to give employees who have chosen not to retire a financial incentive to “move out,” said Robyn Credico, a senior retirement consultant at Towers Watson in the Arlington, Va., office.

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