Cumberland County to suspend 401(k) match
Posted June 26, 2009 12:26 p.m. EDT
Fayetteville, N.C. — Employees of Cumberland County government will no longer see a matching contribution in their 401(k) retirement accounts starting July 1.
The county suspended the one percent 401(k) match as a cost-cutting measure, spokeswoman Sally Shutt said. County Manager James Martin estimated that the county could save about $650,000 in the process.
The county plans to hold the money back to pay for programs the state cuts, County Attorney Grainger Barrett said. The county expects to see less money from the state once the legislature passes a budget for the next fiscal year.
Barrett said the county would restore any unused money to the employees next year.