KTNV ABC,Channel 13,Las Vegas,Nevada,News,Weather,Sports,Entertainment,KTNV.com,Action News .:. Station Casinos Will Be Cutting Its 401(K) Matching Contribution Program
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The struggling economy is forcing valley employers to explore all options when it comes to cutbacks that save jobs.
Station casinos says it will be cutting its 401 (K) matching contribution program.
Keith Schwer Professor of Economics at UNLV says companies are hurting during these tough times and the effects are trickling down to the working class.
"It is part of many ongoing efforts in American business to weather the recession we are in," Says Keith Schwer.
The company released a statement regarding the temporary cuts.
"As we continue to navigate through difficult economic conditions, we have put in place a number of cost saving measures including a temporary suspension of the match portion of our 401 (k) program. Team members are still able to participate in the program. In addition, all of the Company's executive officers have taken pay cuts and will not be receiving bonuses. The decision to temporarily suspend the Company's 401 (k) match was an extremely difficult decision for us and will be reevaluated on a regular basis based on economic conditions," Says Lori Nelson with Station Casinos.
Station says it is making the move to avoid layoffs.
With a recession now official experts predict things may get worse before they get better.
"I would think in terms if the economy deteriorates into 2009 we will see more of this," Says Schwer.
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