Most employers have kept their retirement plan employer contributions intact despite the economic turmoil caused by the coronavirus pandemic, according to a survey by the Plan Sponsor Council of America.
Nearly 90% of plan sponsors reported that they made no change to employer contributions, with only 2.9% considering suspending or reducing them. Five percent moved to suspend matching contributions and less than 1% reduced them.
"Employers, doubtless helped by support from the Payroll Protection Program, are responding to current conditions by largely staying the course," PSCA research director Hattie Greenan said in a news release.
Among large firms with more than 5,000 employees, however, suspensions were higher, with 11.6% pausing their matches.