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401K matching to return in October 2010Dear Associates: In my December blog post announcing the restoration of merit pay increases, I made a pledge to all of you that the next priority on my agenda would be to restore our ability to match our associates’ 401k contributions. At that time, I went on to say that it was “unlikely that the commitment could be made in 2010” due to the uncertainty in the markets and economy. Well…I want to be the first to admit I was wrong! And in this case I am glad I was!.... I am excited to let you know that we are now able to restart our practice of 401k matching well ahead of schedule. In fact, we will begin matching a portion of your contributions effective October 1st.
Dear Associates:
In my December blog post announcing the restoration of merit pay increases, I made a pledge to all of you that the next priority on my agenda would be to restore our ability to match our associates’ 401k contributions. At that time, I went on to say that it was “unlikely that the commitment could be made in 2010” due to the uncertainty in the markets and economy. Well…I want to be the first to admit I was wrong! And in this case I am glad I was!
I am excited to let you know that we are now able to restart our practice of 401k matching well ahead of schedule. In fact, we will begin matching a portion of your contributions effective October 1st.
Based on an evaluation we began a few months ago, I made the decision to partially restore the matching program early despite the hard realities we continue to face: A very troubled economy. An unemployment rate that continues to hang at historical highs. A stock market that has turned into a roller coaster, and, most troubling, healthcare reform legislation with details that are indeterminable.
Yet, rather than wait for all these clouds to clear (your prediction of when this might happen is as good as mine) before fully restoring any program, I thought you all would rather start a partial restoration as early as possible.
This is an accomplishment that we all should be particularly proud of as it is based solely on your collective hard work and dedication. Your continued ability to deliver for our patients and communities — despite all these hurdles — is what allowed the matching to start well earlier than what I certainly expected. In fact, it is what allowed us to restart well ahead of most other companies who made the same hard decision to suspend them. For this alone you should be very proud.
I can’t thank you enough for your efforts. Keep up the great work and do know that I am personally committed to rewarding all for their efforts.
Again, thanks for all you do,
Gary Newsome
President and Chief Executive Officer
Health Mangement Associates