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Member, Beacon International Group, Ltd.
BOISE, Idaho—Micron Technology Inc. is restoring and enhancing its 401(k) plan matching contribution.
Effective Jan. 1, Micron will match 100% of employees’ contributions, up to the first 5% of pay. Prior to its March 2009 suspension, the Boise, Idaho-based semiconductor manufacturer had been matching 100% of salary deferrals, up to the first 4% of pay.
The match was suspended “as part of numerous measures enacted for the company to remain competitive during the global economic recession,” a spokesman said in an e-mail.
At the time of the suspension, Micron said it intended to reinstate the match when “profitability returned, and the company was profitable” in fiscal 2010, the spokesman added.
For fiscal 2010, which ended on Sept. 2, Micron reported $1.9 billion in net income, a huge turnaround from the prior fiscal year when it reported a nearly $2 billion net loss.