LOS ANGELES, Feb 20 (Reuters) - Coca-Cola Bottling Co Consolidated said it will suspend matching contributions to its employee 401(K) plan starting April 1, according to a regulatory filing on Friday.
Prior to the suspension, the company provided a dollar-for-dollar match of up to 5 percent of an employee's annual eligible pay.
The move comes as a deteriorating global economy has forced companies across industries to slash costs.
(Reporting by Lisa Baertlein) Keywords: COCACOLABOTTLING/ (lisa.baertlein@thomsonreuters.com; +1 213 955 6742; Reuters Messaging: lisa.baertlein.reuters.com@reuters.net; ) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Prior to the suspension, the company provided a dollar-for-dollar match of up to 5 percent of an employee's annual eligible pay.
The move comes as a deteriorating global economy has forced companies across industries to slash costs.
(Reporting by Lisa Baertlein) Keywords: COCACOLABOTTLING/ (lisa.baertlein@thomsonreuters.com; +1 213 955 6742; Reuters Messaging: lisa.baertlein.reuters.com@reuters.net; ) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.