Cincinnati-based Macy’s Inc. plans to cut the amount of its 401(k) matching contribution to its $2.1 billion DC plan in 2009, confirmed spokesman Jim Sluzewski.
Mr. Sluzewski declined to provide specific information on the reduction or how much the retailer currently contributes. He did say the new contribution would be made sometime in the spring.
The reduction is slated only for 2009, and Mr. Sluzewski said Macy’s officials would revisit the contribution level in a year.
The 401(k) move was announced Monday in a news release outlining a broad corporate restructuring.
