Beyel Brothers Suspends Contributions to Workers’ Retirement Plan

November 16, 2009

Citing “economic reasons,” Beyel Brothers has suspended matching contributions to the employee 401k plan as of November 2, 2009.

In a letter to plan participants obtained by Cranewatchdog.com, Beyel expresses regret for “this cost saving measure,” and pledges to “make every effort to reverse this decision as soon as economically feasible.”

A copy of Beyel’s letter is available HERE. (Rather than listing company president Joe Beyel or another Beyel brother as a contact for plan participants with questions on this action, the letter directs workers to an employee who is listed as a “Bookkeeper” on Beyel’s website. Cranewatchdog.com has redacted this employee’s name and email address from the letter).

Beyel Brothers’ retirement plan already suffered from low participation and a meager employer contribution. In 2007, the most recent plan year available, Beyel reported that only 61 of its employees had balances in the plan. According to an OSHA filing, Beyel had 183 employees in 2007.

Further, Beyel’s maximum matching contribution was only 2% of the employee’s pay in 2007, and Beyel contributed only $417.52 per plan participant.

Retirement

Beyel Brothers 401K Plan

The company plan was established March 1, 2001.

During 2007 plan year, employees paid 4 times more in to the plan than the company. Data for the most recent three years is available in the chart below. Click on the year to view the plan documents.

Beyel Brothers HMO Healthcare Plan

The current Beyel healthcare plan was established on March 1, 2006.

The only available report on this plan covers March 1, 2006 – February 28, 2007.