According to Plan Sponsor Council of America, 11.5% of small companies suspended or reduced their employer match in 2020. That’s just another bad milestone for a year that brought a pandemic, social unrest, and massive unemployment.
But as the year comes to a close, there’s some good news. A new survey by global-advisory firm Willis Towers Watson concludes that most employers that cut their matching contributions in the COVID-19 era are planning to reinstate them in 2021.
Any changes to your employer match should signal you to run some numbers and find out how those changes affect your savings plan. An increasing employer match might allow you to shoot for more aggressive savings goals.