Employer contributions will be cut

I always joke that local news stations should simply recycle some stories during every major snowstorm. The stories where stores are emptied of food and shovels are just stating the obvious of a snow storm, so no need to redo those stories.

So you will certainly read articles about how employers are cutting back on contributions. Why? We are in a recession and employers are going to want to step back and tighten their belts. When they tighten their belts, one of the first things to go is employer contributions. Whether it’s a match or profit sharing, contributions will be cut across the board. Not everyone will cut their employer contributions, but don’t be surprised that many will.

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