Exxon plans to reinstate employer 401(K) match on Oct. 1

July 3, 2021

HOUSTON, July 2 (Reuters) - Exxon Mobil Corp plans to begin reinstating the employer match to employee 401(K) plans on Oct. 1, one year after it was suspended, a company spokesman said on Friday.

On Wednesday the company said in a regulatory filing that improvements in liquids and gas prices, along with better refining and chemicals margins, would impact second-quarter results to be reported at the end of this month.

“The company plans to reinstate 401(k) contributions on Oct. 1,” said Exxon spokesman Casey Norton.

Exxon had contributed 6% on an employee contribution of 7% or higher.

Exxon suspended the match on Oct. 1, 2020 because of unprecedented losses as the COVID-19 pandemic crushed demand for motor fuels during lockdowns and work-from-home policies to prevent the spread of the disease. (Reporting by Erwin Seba; Editing by Dan Grebler)