Benefits March 10, 2009

MA School Reduces 403(b) Match

March 10, 2009 (PLANSPONSOR.com) - Perkins School for children and adolescents with mental, social, emotional and academic needs, with campuses in Clinton and Lancaster Massachusetts, has announced benefits and staff reductions made necessary by the economic downturn.
Reported by

The Times & Courier newspaper reports that salary reductions will be imposed on staff earning over a specified amount, and match contributions to 403(b) deferrals will be reduced to 4% from 5%. Perkins School Executive Director Charles Conroy wrote in an email that 17 of the private school’s 316 employees would be laid off voluntarily and involuntarily on March 6.

“This continues to be a very difficult time for the country, the state, localities, and Perkins,” Conroy wrote, according to the newspaper. “We are directly affected by the fiscal condition of the state and cities and towns.”

Conroy said Perkins School admissions are down 38%.

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