Actuant Cuts Contributions to 401(k), Executive Benefit Plan

Diversified industrial manufacturer Actuant Corp suspended its core contribution to the company's 401(k) plan and to its restoration plan for the majority of its U.S. employees.

In a regulatory filing, the company said the suspensions, including its core contribution of 3% of cash compensation, are applied retroactively to September 1, 2008, according to Reuters.

The restoration plan allows named executives and other U.S. employees with an annual cash compensation of more than $225,000 to get a core contribution calculated as if no Internal Revenue Service limits were in place, Reuters said.

The company also cut the base salaries of its top executives, including CEO Robert Arzbaecher, by 10%, effective Monday. The company said Arzbaecher’s base salary after the reduction is $765,000, according to the news report.