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Judge rules Exxon must restore suspended 401(k) contributions

Posted On: Mar. 15, 2023 10:05 AM CST

A U.S. National Labor Relations Board administrative law judge on March 13 ordered Exxon Mobil Corp. to make whole 1,800 employees at two refineries for lost earnings during a suspension of employer contributions to a 401(k) plan in 2020 and 2021, Reuters reports. Exxon suspended the matching employer contributions for all employees between Oct. 1, 2020, and Oct. 1, 2021, to save money while sustaining heavy financial losses during the downturn in fuel demand because of the COVID-19 pandemic.