Allegheny Technologies Inc., Pittsburgh, will change the structure of non-elective and company matching contributions in its non-union 401(k) plan.
Effective Jan. 1, 2022, non-elective contributions will be 4% of eligible earnings and the company will match contributions at a rate of 100% on up to 4% of eligible earnings in the ATI 401(k) Savings Plan, said company spokeswoman Natalie Gillespie in an email.
Currently, non-elective contributions are 3% of eligible earnings and the company matches up to 50% of employee contributions up to 6% of the employees’ eligible earnings deferral in the plan.
The company had suspended matching contributions on June 1, 2020, as a result of the economic impact of the COVID-19 pandemic and resumed them on June 1, 2021.
Ms. Gillespie said this upcoming change is also a result of the economic impact of the pandemic.
As of Dec. 31, the ATI 401(k) Savings Plan had $835 million in assets, according to the company’s 11-K filing on Thursday.