January 2, 2009 (PLANSPONSOR.com) - The latest
401(k) match to fall in recent months came at The Denver Post
newspaper where managers and other non-union employees were
informed their match would be suspended in 2009.
A Denver Business Journal news report said the
Post's owner, Denver-based Media News Group, revealed its
intention in a December 24 memo distributed to exempt
employees including editors and other supervisors. The
company said it was "hopeful" the match would be
reinstated in 2010.
The Business Journal said the 401(k) match
suspension came after managers were notified in November
that their traditional pension plans would be frozen
The latest notice, signed by Charles Kamen,
MediaNews Group vice president for human resources, was
not sent to union-represented Post workers, such as
reporters and photographers, who also receive a company
"All of you are aware of the unprecedented
challenges American businesses, and more specifically the
newspaper industry, are facing today," says a version of
Kamen's notice delivered at the Daily Breeze of Torrance,
according to the Business Journal. "MediaNews Group is
not immune from these difficulties nor is it exempt from
having to make hard business decisions."
The privately held company operates more than 50
daily newspapers in 11 states.
In Denver, both the Post and Rocky Mountain News
have suffered losses that are believed to total several
million dollars a quarter recently. News owner E.W.
Scripps has put the News up for sale and will consider
closing the paper if no buyer comes forward by
mid-January, according to the Business Journal