Benefits January 4, 2011
Belo Corp. Splits out Pensions of Newspaper Companies
January 4, 2011 (PLANSPONSOR.com) - A. H. Belo Corporation and parent company Belo Corp. have completed the split of The G. B. Dealey Retirement Pension Plan into separately-sponsored plans.
Reported by Rebecca Moore
According to a press release, benefit liabilities and assets allocable to the approximately 5,100 current and former employees of A. H. Belo and its newspaper businesses under the GBD Pension Plan have been transferred in accordance with government regulations into the AHC Pension Plans. A. H. Belo has decided to make an additional contribution totaling $30 million into the two new defined benefit pension plans.
The benefit liabilities and assets allocable to the current and former employees of Belo Corp. and its television businesses continue to be held by the existing GBD Pension Plan. The GBD plan was frozen as of March 2007 (see Belo Joins Ranks of Firms Freezing DB Plan).
The slumping economy has caused Belo Corp. to make other moves such as suspending its 401(k) match, cutting managers’ salaries, and reducing staff (see Belo Trims 401(k) Match and Cuts Salaries, Jobs).