Gardere Partner Michael A. Abbott spoke with the Houston Chronicle about recent employee benefits changes at Houston-based Halliburton. The oil services company plans to reduce its 401(k) contributions in an effort to preserve jobs until oil prices rebound and business returns.
According to Mr. Abbott, other energy companies could follow suit and impose similar modifications to their retirement plans since a 401(k) contribution is “one thing that they can cut that’s not as painful as an employment termination.”
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