Dollar Thrifty to contribute to employee retirement plan - Car Rental News
Dollar Thrifty to contribute to employee retirement plan
Car Rental News - 22/12/2008
The rental car company has reversed its earlier stand in order to help employees in the difficult economic climate.
Many employers in the U.S. have stopped matching employee contributions to 401(k) plans as economic conditions have deteriorated, but Dollar Thrifty is making a move in the opposite direction.
Although the Oklahoma-based rental car operator suspended its retirement plan matching contributions in 2008 due to challenging financial circumstances, it will reinstitute the program in the coming year.
Scott L. Thompson, the company’s chairman and CEO, has released a statement saying that despite the economic challenges faced by Dollar Thrifty during the economic downturn, it realizes that employees are also facing difficulties in securing their futures. Beginning January 2009, he noted, the company will once again match employee retirement fund contributions, dollar-for-dollar. The cap will be two per cent of the employee’s pay. At this time, Dollar Thrifty employs approximately 7,000 staff in the U.S.
"DTG's board of directors and the management team feel strongly that reinstating the 401(k) match for employees is the right thing to do," Thompson commented.
A call to the company for more information on program specifics and the number of employees who will be benefit wasn’t immediately returned.