The reason? The company's board and management felt strongly "that reinstating the 401(k) match for employees is the right thing to do," said president and chief executive officer Scott Thompson. (Asked by CFO.com on Wednesday whether there are financial advantages to reinstating the match for the company itself, Dollar Thrifty CFO Cliff Buster said he'd he'd prefer not to comment for this story.)
Overall, however, the trend seems to be heading swiftly in the direction of ceasing matching contributions. "Almost every company is being forced to consider it," says Vorchheimer. "Let's be candid: the CFOs of a lot of these companies are going to their benefits people and saying, 'Hey, can we get rid of our match?' "
Reader CommentsDisplaying 3 of 4
Damon McDaniel
Feb 26, 2009 12:35 PM ET
Killing 401K match risky
Actually, I thought I had commented on this article once before, but it's possible that something in the … more
Karen Martin
Jan 30, 2009 12:10 PM ET
Money down a rat hole?
I administer the SIMPLE for our corp. I've had employees stop their participation and withdraw their funds or lower … more
bob pischke
Jan 30, 2009 9:16 AM ET
Illegal at best
1st Free Trade started to erode the potential for workers to get decent paying jobs back in the 90's. Now … more
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