The Mashantucket Pequot Tribal
Nation of Connecticut gave casino employees their first raise in two years but offset the increase by spending contributions to 401(k) retirement accounts.
The 2.5 percent went to non-union employees of Foxwoods Resort Casino and MGM Grand at Foxwoods. The cut to the 401(k) accounts affects both union and non-union employees.
"In order to partially offset some of the cost of implementing the wage increases, it will be necessary to suspend the 401(k) match for all hourly Team Members, beginning February 28, 2010," Michael Speller, the president of Mashantucket Pequot Gaming Enterprises, told employees in a memo, The New London Day reported.
Get the Story:
Foxwoods to offset raises with 401(k) match hiatus
(The New London Day 2/16)
Earlier Story:
Pequot casino employees get raise on
anniversary (2/15)
Connecticut
Mashantucket casino raises offset by a cut elsewhere
Tuesday, February 16, 2010
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