TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

IBM shifts 401(k) policy to once-a-year matches

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

IBM $191.95 +$2.25

at close on FRIDAY

Daily Photo Galleries

By The Associated Press
Saturday, Dec. 8, 2012, 12:01 a.m.
 

IBM will begin making lump-sum matching contributions to employees' 401(k) accounts on an annual basis, rather than contributing each time a worker gets a paycheck.

It's a move that will help the technology company cut costs. Experts say other major employers could follow suit because IBM is a large and generous employee benefits provider, and influential in the benefits field.

IBM historically has distributed matches to 401(k) accounts every other week when employees are paid. But spokesman Doug Shelton says employees were notified this week that contributions will be made just once annually, at Dec. 31, beginning next year.

Contribution amounts won't change. But employees who leave IBM prior to Dec. 15 in a calendar year won't be due that year's end-of-year lump-sum 401(k) contribution, unless they're retiring.

 

 
 


Show commenting policy

Most-Read Stories

  1. Chiefs game-plan play that suits speedy rookie Thomas’ talents
  2. Agriculture prospects envisioned in Cuba
  3. Penguins notebook: Memorable night for Pouliot, Trocheck
  4. Energy sector adjusts to global oil plummet
  5. Pair of NYC officers killed in ambush shooting
  6. Pittsburgh police break up customer fights over Air Jordan 11 shoes
  7. 2014 Valley News Dispatch football all-stars
  8. Licensing boards increase fees to cover costs that include investigations
  9. Pitt survives Oakland’s upset bid with 81-77 overtime victory
  10. ‘Staff Pick’ is golden ticket on Kickstarter
  11. Steelers notebook: Bell says he’s prepared to test Chiefs defense
Subscribe today! Click here for our subscription offers.