MGM Resorts International told its employees Tuesday that it will reinstate the company’s matching contributions into the MGM Resorts 401(k) Retirement Savings Plan for 2011.
The company eliminated the matching contributions as part of several cost-cutting efforts undertaken by the casino operator in 2009.
MGM Resorts Chairman and Chief Executive Officer Jim Murren told the company’s 60,000-plus employees in an e-mail that the economy is showing signs of stabilizing.
“It hasn’t been easy, but I write to you today confident that we are now emerging from what has been the deepest recession most of us have experienced in our lifetime,” Murren said.
For all 2011 contributions, including those made since Jan. 1, match-eligible participants can receive a 50 percent matching contribution from the company up to the first 6 percent of eligible pay contributed to the plan, with a maximum match of $500 for 2011, Murren said.