The banks remain clueless as to why Americans are upset with them but if they opened their eyes and saw beyond the pampered lifestyle average people have allowed them to maintain, they might see stories like this. So besides having their retirement plans blown to bits by the recession Wall Street created, people are also suffering by getting even less into their retirement plans. At least Americans are fortunate enough to have those clever brains of Wall Street living the high life. That gives people great satisfaction to know that others are doing so well when the rest are suffering.
A quarter of U.S. employers have eliminated matching contributions to employee 401(k) retirement plans since September to save money amid the economy's downturn, according to research released on Monday.Let's see how temporary it is. It might be slightly slower than the rapid bounce back in Wall Street pay.
A quarter of U.S. employers also have instituted limited enrollment rather than open the savings plans to all employees, according to the study conducted for Charles Schwab Corp. by CFO Research Services.
Although the study showed 23 percent of companies have eliminated 401(k) matching contributions, most see the move as temporary, said Steve Anderson, who heads Retirement Plan Services at Charles Schwab, a financial services provider.
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