Citgo stops 401(k) contribution due to COVID-19

Posted On: Nov. 16, 2020 8:57 AM CST

On Nov. 1, Citgo Petroleum Corp. has stopped contributions to 401(k) retirement plans and is planning to cut 10% salaries on Jan. 1 to deal with the effects of the COVID-19 pandemic, Reuters reported. In a message sent to its employees, the Houston-based firm said that its actions were required due to the loss of demand resulting from the health crisis.