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During times of financial crisis, companies tighten their belts, and one of the first perks to go is often the 401(k) matching contribution. Yes, they can do this.
The employer match is voluntary and can be changed or eliminated at any time. The upside is that companies often bring back the matching contribution when the bottom line improves.
If your employer has stopped the match, you should continue making your regular contributions. Even without the added bonus of employer matches, the 401(k) still has powerful tax advantages that you’ll want to continue to benefit from.
If your employer match will be eliminated indefinitely, you might decide to open an IRA, funding it with the money you otherwise would have contributed to your 401(k).
Icon works like a 401k plan but without the cost, complexity, and administrative burden. We’ve unified workplace savings, personal retirement, and portfolio management into a single solution.Learn More
Employers pay a small one-time set up fee, and no ongoing plan administration fees.
It takes minutes to set up, no plan design required, no federal filing requirements.
Our portfolios are built with low-cost funds from leading asset managers. Icon acts as a fiduciary to our clients.
We’ll help you every step of the way.LET'S GET STARTED