Even the AARP is not immune to economic woes. The retiree advocacy group said it will have to temporarily suspend employer matches for its 401(k) program.
The match suspension goes into effect March 22 and is expected to last until the end of the year, according to the AARP. The organization said it opted to go this route rather than making further job cuts. Roughly 240 of its 2,400 employees will be impacted by voluntary and involuntary layoffs this year. The Washington-based group said it intends to resume employer matches to the 401(k) program when it is able.
Founded in 1958, the AARP has 40 million members and offices in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.
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