Citgo Petroleum Corp., Houston, suspended the company basic and matching contributions in its 401(k) plans effective Nov. 1.
The length of the suspension is indefinite "pending further review in 2021," according to a posting on Citgo's benefits website.
According to the company's most recent Form 5500 filings for its two 401(k) plans, the company normally makes a basic contribution equal to 3% of a participant's eligible compensation. The company also normally contributes $2 for every $1 contributed by the participant up to 3% of that participant's eligible year-to-date compensation.
The reason for the suspension was not disclosed on the benefits website.
As of Dec. 31, the Citgo Petroleum Corp. Employees' Retirement and Savings Plan and Employees' Thrift Plan of Citgo Petroleum Corp. had $891 million and $253 million in assets, respectively, according to the Form 5500 filings.
Company spokeswoman Kate Robbins could not be immediately reached for further information.