Ascensus’ data on employer changes to retirement plan matching contributions is highlighted in a recent Wall Street Journal feature. The article notes that more employers that had decreased or suspended their match over the course of the COVID-19 pandemic are “reversing course as their businesses rebound.”
“At Ascensus, 21% of the employers that use its 401(k) administration services suspended their 401(k) contributions between March 1 and Sept. 30, and two-thirds of those have since restarted them,” notes the article.
“They are going back to what they had before,” states Pam Sandelin, vice president of insights and analytics at Ascensus. She notes that our data suggests employers “are trying to help employees navigate the uncertainty of Covid” and keep their retirement savings on track.