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BRIEF: Coca-Cola Bottling to suspend 401(k) matchFeb 23, 2009 (The Charlotte Observer - McClatchy-Tribune Information Services via COMTEX) -- Coca-Cola Bottling Co. Consolidated is the latest company to suspend matching contributions to its employees' 401(k) plan. The move starts April 1 for the Charlotte company. It has about 6,000 workers, including 1,200 in Charlotte. The bottling company provides matching contributions on a dollar-for-dollar basis of up to 5 percent of an employee's annual eligible pay. Coca-Cola Bottling expects to save $7 million to $8 million this year with the move, spokesman Lauren Steele said this afternoon. "We hope this (suspension) is temporary," he added. A number of companies, including Charlotte Observer parent the McClatchy Co., have been suspending matching contributions as the recession grinds on. To see more of The Charlotte Observer, or to subscribe to the newspaper, go to http://www.charlotteobserver.com. Copyright (c) 2009, The Charlotte Observer, N.C. Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |