| July 8, 2009

Companies considering 401(k) contribution changes

As Americans work on budgeting and saving money for the future, the companies they work for are considering contributing again to their retirement.

A recent study by Watson Wyatt shows that around 50 percent of companies surveyed are planning a return to contributing to retirement plans in the following 12 months.

What may change is the method in which employer contributions are determined. One option would be for employer contributions to be tied to a company’s profits, rather than making a percentage match to what employees contribute.

A recent study produced by CFO Research Services for Charles Schwab showed that approximately a quarter of companies surveyed have pulled back on, or are thinking of pulling back on, matching contributions to retirements plans.

Numbers released recently from U.S. Department of Commerce’s Bureau of Economic Analysis show the amount of disposable income saved increased to 6.9 percent during the month of May. In April the percentage was at 5.6. In all, personal savings came to $768.8 million in May.

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"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

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