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Deals & People May 25, 2011
NFL Team Halts 401(k) Plan Contributions
The Buffalo Bills have stopped paying into the 401(k) plan for employees during the NFL lockout and potentially the rest of the year.
Reported by Rebecca Moore
CEO Russ Brandon said in an e-mail to The Associated Press that the Bills “will decide at a later date whether to reinstate them for 2011 based on our financial performance.” Brandon said all employees had been notified early on that the plan was being amended so that all team contributions would be discretionary for this year.
According to the AP, the Bills had already announced in March that while no layoffs were planned, all employees would take a pay cut during a work stoppage as part of a series of cuts that focused on what the team called “shared sacrifice.”
Larry Kennan, executive director of the NFL Coaches Association criticized the Bills for suspending payments. Of his association’s members, Kennan said assistant coaches will be the most affected by the team’s decision.