Wal-Mart will end employee profit-sharing

Bentonville, Ark. Wal-Mart Stores said Friday it will end its profit-sharing contributions in February, replacing them with matches to employee 401(k) retirement plans to bring down benefits costs.

According to a report by Bloomberg, the retailer said it will match contributions up to 6% of eligible employees’ pay. Previously, Wal-Mart automatically put up to 4% of pay into the profit-sharing plan.