A quarter of US employers have also instituted limited enrollment rather than open the savings plans to all employees, according to the study conducted for Charles Schwab Corp by CFO Research Services.

Although the study showed 23 per cent of companies have eliminated 401(k) matching contributions, most see the move as temporary, said Mr Steve Anderson, who heads Retirement Plan Services at Charles Schwab, a financial services provider. 'Most view that as a temporary step. They don't see that as a long-term approach,' he said.

Workers with 401(k) plans have seen their savings hit hard in the recession. A 401(k) account allows workers to defer taxes on some of their income and typically put the money in a mix of stock and bond mutual funds and other investments.

Companies often match all or part of employee contributions.

Asked to identify the most important feature of their company's 401(k) plans, 87 per cent of those polled said it was the company's match, the Schwab study said.

Second most important was providing employees with access to 401(k) investment advice, the study said.

Of the 107 human resource and 112 senior finance executives polled, 63 per cent said employee concerns over personal finances are creating a more difficult work environment.

The online survey was conducted in March and April among executives at companies with revenues ranging from US$100 million to more than US$10 billion in a cross-section of industries.

More than half of the respondents worked for companies with more than 1,000 employees eligible for participation in their 401(k) plans. A statistical margin of error was not immediately available. -- REUTERS