Benefits August 9, 2002

GoldK Lays Off 15

August 9, 2002 (PLANSPONSOR.com) - Citing a decreased employee need due to increased productivity efficiencies in its operations, the GoldK online retirement plan provider this week laid off 15 workers.

Reported by

Fred Schneyer

GoldK spokesman Bill Benintende said the personnel reductions were announced August 8. They mostly affect the firm’s sales unit, but also the engineering and operations units. As of Friday, GoldK had 155 employees – more than at the beginning of 2002.

He said the layoffs were split between GoldK’s Waltham, Massachusetts headquarters and its regional sales locations.

Benintende said the other reason for the layoffs was that the company had been getting an increase in business from companies with larger retirement plans.

He said that heightened the company’s need for employees with a different set of skills.
“We’re putting the resources where we see the business moving in the future,” Benintende said.

Despite the personnel cutbacks, he said GoldK has continued to hire new workers.

GoldK markets its plans through financial advisors.