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Administration January 29, 2009
Seattle Times Requesting Union Cooperation in Freezing Pensions
January 29, 2009 (PLANSPONSOR.com) - Struggling
Seattle Times Co. said Wednesday it will ask some of its
unionized workers to allow the freezing of future accruals to
their pension funds.
Reported by Rebecca Moore
In a five-page memo to employees obtained by the Seattle Post-Intelligencer, Times Co. Senior Vice President Alayne Fardella said a freeze would improve the company’s financial situation this year. Earlier this month, The Hearst Corp., which owns the Post-Intelligencer, put the newspaper up for sale and said it would stop printing the newspaper in 60 days if no buyer is found.
The Times has 11 bargaining units representing about 845 employees, spokeswoman Jill Mackie told the newspaper.
Other newspaper publishers have focused on their defined contribution 401(k) plans in their cost-cutting strategies (see Newspaper Company Suspends 401(k) Match, Profit Sharing Contributions ).
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