Turkey Meat Production Company Cuts Match, Pay

April 29, 2009 (PLANSPONSOR.com) - West Liberty Foods, a production facility owned by the Iowa Turkey Growers Cooperative, will suspend the matching contribution into employees' 401(k) accounts, effective immediately.

The West Liberty Index reports that employees were also told in a company-wide meeting April 20 that their pay would be cut 3.17%, effective April 27. This reduction in pay is for all employees, including hourly employees, all management up to and including the President and CEO, and the price for live turkeys paid to the company’s growers, according to West Liberty Foods Legal Counsel Dan Waters.

“Like all companies, we are cutting costs to manage our business during challenging economic times,” Waters said. The company said the cuts were for an indefinite period, according to the news report.

Some employees left the meeting saying they may now have to find a second job.