Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
SALT LAKE CITY (AP) -- Intermountain Healthcare is resuming and increasing its contributions to employee 401(k) retirement funds next year.
Last year Intermountain, one of Utah's largest employers, cited the economic downturn when it announced it wouldn't contribute to the retirement funds in 2009.
Spokesman Daron Cowley said Wednesday that Intermountain also will boost its match to a maximum of 4 percent of employees' salaries, up from 3 percent. About 18,000 of Intermountain's 30,000 employees participate in the program.
But Intermountain also is eliminating one of two pension plans and moving the 20,000 participants into another plan that pays less at retirement.
Cowley says employees may be able to make up any losses from the elimination of the pension plan through the higher 401(k) match.
------
Information from: The Salt Lake Tribune
(Copyright 2009 by The Associated Press. All Rights Reserved.)
