More of the employers that cut their 401(k) matching contributions during the recent financial crisis are intending to return matching contributions to pre-crisis levels this year.
A group of three professional services firms — Grant Thornton L.L.P., Chicago, an accounting firm; Drinker Biddle & Reath L.L.P., Philadelphia, a law firm; and Plan Sponsor Advisors L.L.C., Chicago, a retirement plan consulting firm – has reported that finding in a summary of results from a survey of 429 independent U.S. retirement plan sponsors of all sizes.
The firms conducted a similar survey a year ago.
The percentage of employers that cut the match in response to the crisis and intend to restore, or at least start to restore, the match to the previous level in the near future has increased to 30%, from less than 14% in 2010.
The percentage of match cutters that are standing still or have not yet decided what to do has fallen to 71%, from 86%.