Gannett to Freeze Employee Pensions
by Joe Strupp
Gannett is expected to freeze the pensions of company employees, according to sources at several newspapers, who said a memo on the plan is slated for later today from Gannett CEO Craig Dubow.
The change is also expected to include a change in 401K match, with employees gaining Gannett stock for each contribution to their 401K fund. It's unclear, from what we told, if that would replace a cash contribution or be in addition to that.
Gannett officials did not respond to requests for comment. The move comes just days after Gannett announced it would write down its assets by about $2.5 billion to $3 billion this quarter to reflect the declining value of its operations in the United Kingdom and the United States.
To read excerpts from the memo and to continue reading about Gannett's pension plan,
click here.
