Your cost saving options are limited by IRS rules. Plans can't be shut down until the end of the year. Plus, employers that promised a nonelective contribution or a matching pay-in for 2009 can't reneg on that commitment. But a delay is OK: Deposits can be deferred till the extended due date of the firm's business tax return.
The rules are less strict for 401(k) plan sponsors. Those that contribute 3% or more of pay to participant accounts to avoid nondiscrimination testing are allowed to reduce or suspend pay-ins. They must give employees prior notice of the change and permit them to modify their own plan contributions to make up for the loss.
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