Tuesday, Feb. 1, 2011 | 2:58 p.m.
MGM Resorts International, Southern Nevada's largest private employer, today said it will immediately resume matching payments to eligible employees participating in the firm's 401(k) Savings Plan for 2011.
"I am very happy to announce that the match is back,” Jim Murren, chairman and CEO, said in a statement. "Eliminating the 401(k) match was one of the most painful decisions we made, but it was a necessary step for us to survive very difficult financial times. We are now emerging from that brutal economy and have prioritized the reinstatement of this important employee benefit. I encourage all of our eligible employees to take advantage of this valuable asset."
MGM Resorts had stopped matching payments to employee 401(k) accounts in 2009 and 2010.
For all 2011 contributions, including those made since Jan. 1, match eligible participants can receive a 50 percent matching contribution from the company up to the first 6 percent of eligible pay contributed to the plan, with a maximum match of $500 for 2011.
"The company will review match levels as the company and the broader economy continues to strengthen," MGM Resorts said in a statement.
The company has some 52,000 employees in Southern Nevada.
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