MADISON, Wis. -- CUNA Mutual Group, the world leader in services to credit unions, says it's still financially strong -- just not strong enough to avoid major cuts in benefits and jobs.

This is the second round of layoffs at CUNA since August when they eliminated 22 maintenance jobs to save a million dollars.

Now 300 more jobs may be lost as the company looks to save millions more.

A spokesperson said CUNA just isn't as profitable as it wants to be.

"We've had a gap in 2001; we're going to have one in 2002," said Syndey Linkder (pictured, right), public relations director at CUNA. "CUNA Mutual Group experts anticipate the economy's not going to turn around for sure for 18 to 24 months."

The company says actual profits this year will total $55 million -- $25 million less than projected. To balance that and lower profits last year, as many as 310 will be laid off.

Sixty non-union employees will lose their jobs by the end of the year, as many as 250 union workers could.

Union and company officials are negotiating to come up with concessions to reduce the number to about fifty.

The union says everything's pretty much on the table because the targeted cuts are so high.

"We're looking at between $10 and 15 million, and possibly around $12 million -- that's a lot of money," said Kathryn Bartlett-Mulvihill (pictured, left), chief steward for Local 39. "So, we're getting there, it's, ah, it's very difficult."

It will be difficult for non-union workers, who stay, too. They will see a pay freeze, higher health insurance payments and no holiday gifts -- among other things.

As for top executives, News 3 was told CEO Mike Kitchen won't get a pay raise next year. Last year his pay went up to $1.2 million, a 70 percent hike over the year before.

No matter what, Kitchen and other employees are and will remain eligible for bonuses tied to financial goals.

A bad economy and 9/11 payouts are being blamed for this round of cuts.