As reported by Gary Scott, MediaNews Senior VP of Human Relations announced that the company is suspending their fund-matching program for employee 401(K) investments.
But all is not lost. From Janiga's email to Guild rep Vicki Di Paolo:
Based on the provisions of the collective bargaining agreement in effect for the Daily News and the status quo position of the collective bargaining agreement at the Press-Telegram the above is not applicable to the guild represented employees at those operations."Unless otherwise negotiated by the parties, the matching contributions will remain in effect."
It's unfortunate that this is happening to any employee, and you have to wonder just how much they could possibly save. The fund matching cap is low enough to minimize employer expenses already. But our members can be assured that their rights have been secured, and the provision remains unchanged for them.
Monday, December 29, 2008
401(K)illed
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7 comments:
Great, now our septuagenarian managers will hang on until the market recovers, despite not knowing what unique hits are and also think twitter is what a bird does.
I hear January is going to be brutal.
We've been hearing the same rumors. Can anyone give us more information? If you have any details, we'd love to hear from you. You can reach us at scmg9400@gmail.com, and of course your email will be completely confidential.
Len,
Dean can get blood from a stone or turnip but his empire is now dust. The only way he can scrape together the millions he owes is through more cannibalism. The bloodletting is far from over and I think his thirst for editors and flagship papers are ever increasing.
Just be on the defense and take notes when they call you in the office.
Just be on the defense and take notes when they call you in the office.
That's always good advice.
Were are dying here and the year isn't over yet .
Bernie Lunzer where are you?
Layoffs and buyouts at U.S. newspapers according to http://graphicdesignr.net/papercuts/
2007= 2,185
2008= 15,586
HAPPY NEW YEAR!!!!!!!
tsk.tsk.tsk.
another year, another dollar.
another round of layoffs, but why
.........................hollar?
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