Sunday, June 28, 2009
AARP cuts 401(k) match: even the good guys cut 401(k) contributions now!
Ron Lieber has an interesting story in the Saturday, June 27 New York Times, “Et Tu, AARP? Good Guys Cut 401(k)s, Too”, link here. (The story title refers to a famous line in Shakespeare's "Julius Caesar".) The AARP (American Association of Retired Persons) has suspended its 401(k) match for its own associates for at least nine months. Non-profits face the same pressures as everyone else.
I actually applied for a job with AARP in 2004 through its website and found it as competitive as any other organization.
One study says that 29% of employers will reduce their 401(k) match this year during the severe economic downturn.
This morning, I have to give the AARP credit for its column on gay rights, “The Stonewall Riots: 40 Years Later”, here.
Picture: Headquarters of AARP in the late 1980s; I worked in the same building for a consulting firm. That was 20th and M; now they are on E Street in Washington.