Information technology company Unisys Corp. has suspended its 401(k) plan match.
Before the suspension, which began on January 1, Unisys matched 100 percent of employees’ salary deferrals, up to 6 percent of pay. In 2007, Blue Bell, Pennsylvania-based Unisys froze its defined-benefit pension plan.
Company officials say the suspension of the 401(k) plan match is part of a broader effort to reduce costs.
In 2008, Unisys, which has about 12,500 U.S. employees, reported a net loss of $130.1 million, up sharply from a net loss of $79.1 million in 2007, while revenue slipped 7.4 percent to $5.23 billion. The company has reported a net loss in four consecutive years.
Filed by Jerry Geisel of Business Insurance, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.
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