Tough Times in Motor City

This headline caught my eye on the way into work this morning: "GM Suspends Payments Into 401K Plans."

According to Reuters:

General Motors Corp is suspending matching payments to employee 401K plans as of November 1 and continues to assess its staffing needs as part of efforts to conserve cash amid a deep downturn in sales, the automaker said on Thursday. GM spokesman Tom Wilkinson said the company could reinstate matching payments into the 401K program if business conditions improve.

Retirement has been on my mind lately as my parents prepare for theirs next year, and I'm wondering if other companies are cutting back on their matching programs as well.



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