GM Will Suspend 401(k) Contributions

General Motors Corp. will suspend contributions to 401(k) retirement savings plans for its U.S. salaried workers as part of efforts to trim $7 billion from annual costs.

The 36,000 employees were told Wednesday that the contributions would end Jan. 1. The company said it would “monitor the business outlook” to decide on when to resume the benefit. GM has paid 20 cents into the plans for every dollar employees put in, after reducing the company amount from 50 cents in April.