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. Indiana County infant hit by bullet will be blind
  2. Police identify, release people involved in I-70 collision
  3. Rossi: Pirates plan to carry Hurdle deep into playoffs
  4. Steelers’ Tomlin does not like his coaching style to be characterized
  5. Despres is relishing his regular role on Penguins’ blue line
  6. Penguins notebook: Malkin picture muddy
  7. Sparks fly at 2nd Corbett, Wolf campaign debate
  8. Steelers notebook: Tomlin bringing officials to practice
  9. Pittsburgh rises up for a 2nd year of Pirates magic
  10. State trooper fatally shot during training exercise
  11. NK grocery store robbed
Subscribe today! Click here for our subscription offers.