This is from the Rochester Democrat and Chronicle this morning:
"Paychex Inc. is halting merit pay raises and the company match to employees' 401(k) retirement plans to save money and preserve jobs. The Penfield-based business services company told employees Monday that for the next 12 months all merit raises are suspended. The halt to the 401(k) match also will be for 12 months, starting April 1."
Raleigh is gorgeous! we loved it when we took our kids on our USA trip the summer of 1977. OMG, that was over 31 years ago! I could have lived there. I always pretend what it would be like living in a place where we've traveled. My tennis coach Bert moved there after his beautiful and athletic young son, a world champion surfer died from a freak and quick of case of leukemia at age 18. A real shame! He surfed the North San Diego County beaches like our sons did and one still does with his own sons. Bert was a tennis coach as well as a golf pro. North Carolina was the place for him then. Bert was in his late 50s or early 60s at that time and in good shape. I would play at the Bobby Riggs Courts formerly Cardiff Courts after teaching math all day at Torrey Pines HIgh School in those days. 'Lots of fun!
Yes, we really liked Raleigh... the people... and I guess the economy there is pretty good, too. I hope you haven't been hit like so many have. The weather is a bit better than Rochester, isn't it? Now and then you get those heavy winds and rains though. Have a good week-end, Capt.
That is good, however I believe the dividend will be the last choice to cut. Depending on how long this will last, and everything is pointing to long. So i can see them cutting the dividend, which I believe will be viewed positively. Plus, they are doing what they can to save jobs in this environment. I hope we see then end of unemployment increases this year.
I agree! PAYX will eventually cut div, maybe eliminate the last increase, to conserve cash. This is going to be one good recession. I was too young for the 73-75 and 80-82 recessions. I hear those were good ones. Later this year I will sell some muni's and buy some more PAYX.
Near raleigh? Are you near Southern pines? My father is down there somewhere playing golf.