BizJournals Portfolio
Home >   Business Views, Opinions and Blogs >   Business Blogs >   Mixed Media >  

Ny Times Co Slashes Retirement Benefits

Mixed Media

by Jeff Bercovici
Main
Time Inc. Names Matters New 'Money' M.E.   Late Breaks: Ann Coulter, Objective Fact-Finder

Recent Blog Posts

Links

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. □

blog comments powered by Disqus
Real Business, Real Results
Out of the 'Family'

Did anyone at Microsoft ever watch the (gasp!) offensively funny show Family Guy?

Cruz Missile Lands

Ex-Morgan Stanley exec Zoe Cruz is now heading her own hedge fund. Are Wall Street's leaders done?

Scandal Chic

Martha, Bernie and Skilling know that what you wear for court can go a long way in public perception.

spotlight on

Health Care

Bad to the Bone No More

Companies such as General Mills say they're stepping up efforts to change employees' bad behavior and promote healthier lifestyles. Read More