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Ny Times Co Slashes Retirement Benefits

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by Jeff Bercovici
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Nov 07 2008 3:30pm EDT

NY Times Co. Slashes Retirement Benefits

If you're thinking about retiring from your job at The New York Times Co., you should probably do it soon.

Tucked inside its latest 10-Q are the Times Co.'s plans to shave tens of millions of dollars from its budget by hacking away at pension and medical benefits for non-union employees. Those who retire on or after March 1, 2009, will no longer receive medical coverage after they turn 65, when they become eligible for Medicare. The Times Co. also said it has decreased the formula for pension benefits; that change will affect only those who are active non-union employees as of Jan. 1, 2009.

The changes, adopted Oct. 22, will yield estimated savings of $24 million in 2009. □

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