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ATLANTA—United Parcel Service Inc., Atlanta, in January will resume its company match to its $4.2 billion 401(k) plan for nonunion employees.
The company had suspended its contributions in January 2009.
The match will be 50% of employee contributions up to 5% of base pay, Mary Ann Tweddle, retirement and portfolio manager for UPS, said in an interview. The old match was 100% of employee contributions up to 3% of base pay, she said.
“We didn’t think we could bring (the contribution) back in full,” Ms. Tweddle said. “It’s something we are not able to do at this time.”
UPS suspended the 401(k) match for nonunion employees “during the depth of the recession as part of a series of steps taken to conserve cash,” Norman Black, director of global media services at UPS, said in an e-mail response to questions. “At the time, UPS reduced travel, imposed a hiring freeze and suspended pay raises for all management, among other steps. Pay raises for management were restored earlier this year.”
Robert Steyer is a reporter for Pensions & Investments, a sister publication of Business Insurance.