Benefits March 5, 2009
Office Furniture Maker Cuts Pay, Hours, Match
March 5, 2009 (PLANSPONSOR.com) - Office furniture
maker Herman Miller, Inc. is reducing hours and pay for most
of its U.S. salaried employees by 10% - and is suspending its
matching contribution to its 401(k) plan.
Reported by Nevin E. Adams
Facilities will close every other Friday, beginning March 13, and next week, Herman Miller will suspend its matching contribution to employee 401(k) plans. The full work week and the 401(k) match will return when business picks up, the company announced, according to the Grand Rapids Press.
“As difficult as these decisions are, we are doing what is necessary to ensure the continued strength of our business while minimizing further job losses,” CEO Brian Walker said in a statement, according to the report.