Quest Diagnostics Inc., Secaucus, N.J., suspended the matching contribution to its profit-sharing plan.
The suspension of the contribution, which is normally 100% of up to 5% of eligible compensation, began May 29 and will last through the end of the year, spokeswoman Kimberly B. Gorode confirmed in an email.
The suspension is "part of a series of actions to protect the company's financial flexibility due to the COVID-19 pandemic," according to Quest Diagnostics' June 29 11-K filing with the SEC.
As of Dec. 31, the Profit Sharing Plan of Quest Diagnostics Inc. had $4.6 billion in assets, according to the 11-K filing.