It isn’t every day you that hear a company say that providing a 401(k) match is the “right thing to do” for its employees. Nope, you don’t hear it that often – especially during an economic downturn that many have compared to the Great Depression. So, when I heard that Dollar Thrifty Automotive Group reinstated matching contributions to its employees’ 401(k) accounts, I took notice.
And when I read that McDonald’s provides an employer match of up to 11 percent, I was surprised.
Then, when I saw that Republic Bank of Louisville, KY increased its own matching contributions, I decided I had to write about it.
In a December 15 press release announcing the reinstatement of its matching contribution, Dollar Thrifty Automotive Group said “While many companies are faced with economic uncertainty – and our own Company certainly continues to see its share of headwinds – it is tough for companies and employees alike. As we at DTG work together during these difficult times, it is important that employees be able to focus on their own future and that of their families. That’s why the DTG board, at management’s request, unanimously voted to reinstate the 401(k) match benefit for our employees.”
At a time when more and more companies are suspending their matching contributions, these three companies should be applauded for recognizing the critical role their employees play in the success of their companies and the importance of matching 401(k) contributions to retirement security.
“DTG’s Board of Directors and the management team feel strongly that reinstating the 401(k) match for employees is the right thing to do,” said company president and CEO Scott L. Thompson.
I couldn’t have said it any better myself.