Companies in the hospitality and retail industries that have been hit especially hard have suspended, cut down or deferred their 401(k) matches for employees. These companies include Expedia Group, Hilton Grand Vacations and Best Buy.
A Willis Towers Watson survey found that as of late April, 12% of the 816 companies polls, which had 12 million workers collectively, had suspended their matching contributions. And 23% of companies said they are or may end matching for the rest of the year.
There are more than 100 million workers in the U.S. who have defined-contribution plans, with about $8.8 trillion in collective assets, the Vanguard Group notes.