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Though the overall share of firms that made changes is relatively small, it amounts to tens of thousands of 401(k) plans that have reduced the benefit for employees, according to Will Hansen, the group’s executive director.
There are about 572,000 401(k) plans in the U.S., according to most recent data available from the Employee Benefits Security Administration.
Extrapolating the survey data would mean more than 46,000 plans cut 401(k) funding to employees, and a further 5,000 are considering it.
They did so in a few ways, according to the survey. The largest share of 401(k) plans — almost 4% — stopped paying a match to workers….