MSC Industrial Direct Co. Inc., Melville, N.Y., suspended the matching contributions for its 401(k) plan.
The company temporarily suspended its matching contribution of 50% of the first 6% of a participant's pretax and Roth contributions, effective April 13, according to the company's June 30 11-K filing with the SEC.
The filing did not provide a reason for the suspension or the length. Similar plans in recent months have suspended contributions due to the economic impact of the COVID-19 pandemic.
As of Dec. 31, the MSC Industrial Direct 401(k) Plan had $508 million in assets, according to the 11-K filing.
Spokesman Paul Mason could not be immediately reached for further information.
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July 16, 2020 at 11:49PM
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MSC Industrial Direct suspends 401(k) match - Pensions & Investments
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