The changes will affect more than 25,000 of Gannett’s 46,000 employees. The company publishes USA Today and 84 other daily papers in the United States.
Freezing the pension plan will save about $90 million in 2009, said Gannett spokeswoman Tara Connell, but that will be partially offset by $60 million in costs associated with the enhanced 401 (k) plan.
Connell said the freeze does not affect union employees whose pension is part of a collective bargaining agreement.
Thursday, June 12, 2008
Nation’s Largest Newspaper Chain Freezes Pension Plan
Gannett Co., is freezing the company pension plan, effective Aug. 1, and replacing it with an enhanced 401 (k) program.