Under the agreement, the local newsroom pension plan will be frozen, effective January 2013. All benefit service credits for current participant accounts will be considered to be vested. All Guild-covered employees shall receive two times the pension benefit for 2012, essentially the same effect as freezing the plan in 2014 instead.
In the new contract, there are no changes to the Guild’s second, much smaller plan, The Newspaper Guild International Pension Plan.
The agreement also said the company match to the 401(k) will continue to be suspended indefinitely. The match has been suspended since 2009 (see “Denver Post Latest to Suspend 401(k) Match”).