The Markets March 5, 2009

Office Furniture Maker Cuts Pay, Hours, Match

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
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.
Deals & People March 5, 2009

DailyAccess Opens Another Office

Retirement plan service provider DailyAccess Corporation has opened a Midwest regional office in suburban Detroit, Michigan.
Reported by
It is DailyAccess’s second regional expansion in 15 months, following the opening of its Northeast regional office in suburban Boston, Massachusetts in December, 2007. According to a press release, the regional office will support the continued growth of the Mobile, Alabama-based firm’s sales and client services.
“We have a large base of clients and financial advisor partners in the Midwest, and our latest expansion allows our staff to personally deliver DailyAccess’s unique brand of customized service directly to them,’ said Tommy Thomasson, President and CEO of DailyAccess. “We will continue to broaden our national footprint by opening regional offices in locations that best serve our clients’ needs and fit our long-term strategic plan. We look forward to creating additional jobs and supporting the local Detroit area economy.’
The Midwest regional office is located at 26030 Pontiac Trail in South Lyon, Michigan and may be reached at 888-535-4322.

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