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Weyerhaeuser Suspends 401k Retirement Matches

The Associated Press

FEDERAL WAY, Wash. (AP) — Weyerhaeuser is suspending company matches to employee 401k retirement plans.

In a filing Tuesday with the Securities and Exchange Commission, the Federal Way lumber company said the freeze would begin May 1.

Spokesman Bruce Amundson said Wednesday there was no estimate when the contributions would resume.

The suspension includes executive officers.

In the fourth-quarter the company reported a loss of more than $1 billion because of the poor housing market.