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Benefits January 12, 2009
Oscilloscope Maker Puts 401(k) Match on Hold
January 12, 2009 (PLANSPONSOR.com) - A New York
oscilloscope maker is the latest employer to put its 401(k)
match on hold as part of a cost-cutting effort.
Reported by Fred Schneyer
A news report in The Journal News said LeCroy Corp. of Chestnut Ridge, New York, announced the match suspension along with the cutting of about 45 jobs and the slashing of management and employee base salaries by 10%.
The moves are part of an $8 million cost-saving drive, which the company says is necessary to prepare for what it fears is a weakening demand for its sophisticated electronic equipment used for the design and testing of computer chips.
CEO Tom Reslewic told the newspaper LeCroy had not seen a slowdown in sales, but he now expects that to happen. “At the end of the day, what really drives our business is the number of things with chips in them,” he said in the news report. “Things haven’t been so bad until now.”