Planning to Retire

Unisys Corporation Cuts 1,300 Jobs, Suspends 401(k) Match

December 24, 2008 RSS Feed Print

Unisys Corporation is the latest company to ax jobs and retirement benefits. The company announced Monday that it will eliminate approximately 1,300 positions worldwide and consolidate facilities.

The information-technology services firm will also suspend company matching contributions to the U.S. 401(k) plan. Cutting the match will save the company about $50 million annually, the company said.

The Blue Bell, Pa.-based company plans to forgo 2009 salary increases for most employees as well. All the cost cutting measures led by new Unisys Chairman and CEO Ed Coleman are expected to save more than $225 million.

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I worked there from 1996-2000 as well. Unisys always seems to have issues and problem with upper management's lack of expertise. Whatever happened to accountability?

toni of MA 9:11AM November 22, 2009

Well, I "left" the company in December of 2007, but left all my 401(k) money in the UIS stock fund.... So now I have about 10% of what I had a year ago - I got into the UIS fund when UIS stock was at about $6.00 on the regular market. I'd like to see the stock go back up to about $12 or so, then perhaps I will be able to retire when I'm 113 or so...

Old Guy of PA 2:58PM December 29, 2008

I've worked with that worthless company and I hope they fail completely. You wouldn't believe some of the horrible things I've seen people at that company do. Good ol karma seems to be working.

of CA 4:04PM December 27, 2008

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