Allegheny Technologies Inc., Pittsburgh, suspended matching contributions for participants in one of its 401(k) plans, the company disclosed in an 11-K filing with the SEC.
The suspension, effective June 1, is in response to the economic conditions brought on by the COVID-19 pandemic, the June 5 filing said.
The company normally matches up to 50% of employee contributions up to 6% of the employees' eligible earnings deferral in the ATI 401(k) Savings Plan, which includes non-union U.S. employees. Participants in the company's other 401(k) plan, the ATI Retirement Plan, which includes union U.S. employees, are not affected.
Payments of any company contributions will be deferred until no later than Dec. 31, 2021, according to the filing.
As of Dec. 31, the ATI 401(k) Savings Plan had $836 million in assets and the ATI Retirement Plan had $334 million in assets, according to the plans' new 11-K filings.
Natalie Gillespie, company spokeswoman, could not be immediately reached for further information.