The company also confirmed that it was cutting managers’ salaries in an effort to help the company navigate the economic downturn, according to the Casino City Times. In making the move, Harrah’s joins Wynn Resorts Ltd. (see “Wynn Resorts Calls Off 401(k) Match’), Mohegan Sun (see “Mohegan Sun Casino Stops Match’), and Station Casinos (see “More Companies Go Match-less“) in cutting back on their match commitments.
Las Vegas visitation declined 10.9% in December and 4.4% last year, according to the report, citing data from the Las Vegas Convention and Visitors Authority.
The firm is the latest of several to suspend their 2009 matching contributions, including Sears (see “Sears Suspends 401(k) Match, Drops 1,100 Jobs’), TheDenver Post (see “Denver Post Latest to Suspend 401(k) Match’), Unisys (see “Unisys Cuts 401(k) Match’), Starbucks (see “Starbucks 401(k) Match Goes Discretionary’), Motorola (see “Motorola Freezes Pension, Suspends 401(k) Match’), Eddie Bauer (see “Eddie Bauer Suspends Match’), 7-Eleven (see “7-Eleven Latest to Suspend 401(k) Match’), and FedEx (see “FedEx Suspends Match, Cuts Pay’).
However most plan sponsors responding to a recent PLANSPONSOR survey said they had no plans to change their 401(k) match program (see “SURVEY SAYS: What Are Your Plans for Your Match?’)—a sentiment echoed in a recent employer survey by Mercer (see “Most Employers Don’t Plan to Reduce Contributions’). And Dollar Thrifty Automotive Group, Inc., recently reinstated its match after a suspension (see “Dollar Says Reinstating Match “Right Thing to Do’’), as did Louisville, Kentucky-based Republic Bank (see “Louisville Bank Ups 401(k) Match“).