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The Markets March 27, 2009
Mich. United Way Suspends 403(b) Match
The United Way for Southeastern Michigan has cut management and staff compensation and suspended its 403(b) retirement plan match for a year.
Reported by Fred Schneyer
A Crain’s Detroit Business news report said the agency laid off 43 employees and plans to cut funding to some of its nonprofit agency partners to make up for a $10-million gap in workplace campaign revenue.
President and CEO Michael Brennan, in an e-mail sent Monday to the agencies United Way funds, said the layoffs and internal restructuring at United Way will cut $5 million.
Aside from the layoffs, United Way said that it also has consolidated some positions and eliminated undisclosed, long-term programs.
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