NO MATCH

U.S. Steel Suspends Match for 401(k) Plans

By Timothy Inklebarger

February 26, 2009

U.S. Steel Corp. announced Tuesday, February 25, that it has suspended the company match on its two New York-based 401(k) plans effective January 1, confirmed spokesman John Armstrong. The Pittsburgh company match is 100 percent up to 5 percent of an employee’s pay, he said.

According to the 2009 Money Market Directory, U.S. Steel’s 401(k) plan for salaried employees had $1.09 billion in assets as of December 2007, and its 401(k) plan for union employees had $594 million as June 2008. The company also contributed $140 million to its defined-benefit plan in 2008, confirmed U.S. Steel spokesman John Armstrong. The plan was valued at $7.6 billion as of December 31, and was underfunded by $2 billion.

Its board of directors has authorized additional, voluntary contributions of up to $300 million to its pension and health care trusts by 2010.

—Timothy Inklebarger/Pensions & Investments
To comment, e-mail editors@workforce.com.
—Crain's Benefits Outlook, February 2009

Reproductions and distribution of the above news story are strictly prohibited. To order reprints and/or request permission to use the article in full or partial format please contact our Reprint Sales Manager at (732) 723-0569.