For more stories like this, sign up for the PLANADVISERdash daily newsletter.
The Markets February 2, 2011
MGM Resumes 401(k) Match
MGM Resorts International said it will immediately resume matching payments to eligible
employees participating in the firm's 401(k) Savings Plan for 2011.
Reported by Rebecca Moore
The Las Vegas Sun newspaper is reporting that southern Nevada’s largest private employer will match all 2011 contributions, including those made since January 1, for eligible participants. They will receive a 50% match of up to 6% of eligible pay contributed to the plan, with a maximum match of $500 for 2011.
“Eliminating the 401(k) match was one of the most painful decisions we made, but it was a necessary step for us to survive very difficult financial times. We are now emerging from that brutal economy and have prioritized the reinstatement of this important employee benefit. I encourage all of our eligible employees to take advantage of this valuable asset,” said Jim Murren, chairman and CEO. MGM was one of many companies that decided to stop their matching contributions in 2009 and 2010 due to the recession (see “More Companies Decide to Go “Match-less”“).
The company said it will review match levels as the company and the broader economy continues to strengthen.
The news report said the company has approximately 52,000 employees in southern Nevada.