Retirement Plan

"Pretty good contributions" seems a far cry from the old Crain profit-sharing program. Back then, in a good year, which was common, the company put in 15% of an employee's earnings and the employee contributed nothing. There was a separate pension plan, again fully funded by the company. Christmas bonuses equal to a week's pay were standard for all employees except those paid by commission and/or eligible for other, usually bigger, discretionary bonuses. Health insurance deductibles were quite reasonable. Crain had a well deserved reputation for being a great place to work with great benefits. It was highly profitable and the owners were generous in sharing the profits. In reading these comments I get the idea that the company has fallen a long, long way since then. Maybe that's why profits have fallen too, especially when adjusted for inflation. My advice to current employees is to not count on having a long future at Crain. The company is in steep decline and the last trace of the good heart that made it famous just sold his half of the company to his less-kind younger brother who along with his young sons is now running the place--most likely right into the ground. The days when you could retire quite prosperous even before retirement age are gone. Its young ambitious employees should not hang around, hoping the company regains the vision and people skills that made it great. It's not going to happen, sad to say.