The Markets March 11, 2009
Utah County Cuts 401(k) Contribution
As part of a cost-cutting plan, Utah County has suspended contributions to employee 401(k) accounts.
Reported by Rebecca Moore
As part of the plan, the county’s 3% contribution to employee 401(k) plans will be temporarily suspended effective March 31 through December 31, 2010. According to a press release, this reduction was chosen instead of furloughs, layoffs or reductions in salary.
In addition to the cuts, Salt Lake County Mayor Peter Corroon presented an interim budget plan to the Salt Lake County Council that reduces spending, freezes wages, and extends the county hiring freeze.