Benefits June 7, 2011
NH Public TV Cuts 403(b) Contribution
June 7, 2011 (PLANSPONSOR.com) - New Hampshire Public Television is cutting 20 full-time jobs and taking other measures in response to state funding cuts.
Reported by Rebecca Moore
A news report on Seacoastonline.com said the station’s 403(b) retirement plan contribution for staff will be cut to 1%. Staff salaries also will be reduced by 4% to 10%, with management taking the largest reductions.
NHPTV is making the moves to address the loss of $2.7 million in state funding, a 30% reduction in its $8.8 million annual operating budget, according to the news report. The station is a licensee of the University System of New Hampshire, and with the system facing large cuts in state funds, it will not be able to assist NHPTV financially.