Sounds like the problems with the pension payouts to laid-off workers would make a good story in some other company's newspaper. Maybe The Washington Post would like to hear from those who are trying to get their money. Gannett is a local company in the Post coverage area.Let's tell the Post our story. I think Howard Kurtz is the media reporter. Or maybe it's more of a business story. Either way, it's a newsworthy story. . . . a company screwing over ex-loyal employees after they were laid off. I, too, was hoping to use that payoff as a reserve to hold me over once severance is over. It's my money and I don't understand this incredibly immoral if not criminal delay.
Jim, can you post something telling people how to get in touch with The Washington Post about this pension payout fiasco or suggest another national media outlet that might be interested in this story? Maybe a little bad exposure in a real newspaper will help hundreds if not thousands of us get our damn money.
Missing pension payout? Tell your story here!
Editor Jim Hopkins says: Tell the national news media about your pension lump-sum delays. Spare no details: When did you first apply? How many phone calls made, or letters sent? Did a payment fail to arrive on a promised date? Why do you need the money now?
Please post your replies in the comments section, below. If you're willing to be interviewed -- even off the record -- then shoot me an e-mail via gannettblog[at]gmail[dot-com]; I can handle any introductions with inquiring reporters.
[Image: today's front page, Newseum]
It took me 4 months to get my payout. I called both corporate (note lower case c) and the HR rep from my site on a weekly basis. I couldn't get a solid answer as to where the funds were..."we're backed up...you know there were a lot of people laid off..."
ReplyDeleteIt was one more time managemenet at Gannett didn't plan for the increased workload.
I think this is one more criminal act that this company is getting away with. There have to be other corps pulling thesame stunt.
hey, at least when you get your pension, you'll get it ALL. those of us whose papers were bought late in our careers had to make an irrevocable choice between our former masters' paltry lifelong annuity (now to be paid for by gannett) and a paltrier gannett lump. having chosen the former, i'm wondering how badly i'll get screwed. meanwhile, my 401(k) is, maybe, a 301(k) . . . and it's not like i was making the big bucks to start with.
ReplyDeletebut either way, it sounds like a story worth the post or wsj . . . . especially given dublow's magnificent self-imposed pay cut of 20% ( of base pay, nothing else). most of us would be quite happy to be paid 20% of his base pay, even stretched over 2 or 3 years.
a japanese exec who presided over a company that tanked like gci would have resigned long ago. (in the old days, ritual suicide would have been considered the honorable course of action.)
I am going to contact some of the big newspapers tomorrow and would like to suggest others do the same. Strength in numbers. Going to start with The Washington Post. It's cheaper than hiring a lawyer and I am sure GCI doesn't want anymore bad pub right now with stocks continuing to slide. In fact, there might be a bigger story as to why these pensions aren't being paid out that some investigative reporter might like to discover. I mean GCI can't be this sloppy and careless, or can it? They are enraging countless numbers of people over what? An administrative overload? Geez, if this company is this unprepared to handle pension payouts, how will they ever pull themselves out of the bigger mess they are in?
ReplyDeletePlease, everyone, consider calling or writing a legitimate reporter in the coming days. This not only will help us get what is rightfully ours, but may also unearth some other dirty secrets about the way GCI operates.
GREAT IDEA! Let's flood the WashPost with whatever info we have. Maybe the WSJ too! Gannett is getting away with creating undue stress in the lives of people relying on getting this money during the worst economic times in our lifetimes. Let's not let our former brothers and sisters lose their homes because Gannett didn't give them their pensions in a more timely fashion. The least Gannett could have done was to get this money to people who were let go. If there is a sinister reason as to why that isn't happening, then let's have it exposed. If it's just pure and typical Gannett inefficiency, let's get that story out there also. In a time when everyone is fighting for their lives, this is inexcusable to make folks wait months to get this money. They worked for many years to earn it, and now it's not there? Let's find out why and not accept lame excuses about Gannett people being busy. Let's light a fire. It is something constructive we can do to help out our friends. Whether you're a layoff victim or someone on the inside with info, please contact an investigative reporter somewhere and get the ball rolling. This is a very real and legit story.
ReplyDeleteYup -- a sad but worthwhile story for some enterprising reporter to tell. Timely, too. All sorts of news pegs to the economy as a whole. Here we have a profound number of people, of which I am one, trying to get by on money that Gannett owes them. Trying not to reach out to the government for help. Yet they can't get their old company to fork it over. Do you know how stressful our lives are as it is? Why the added aggravation?
ReplyDeleteHey, Gannett -- try to do the right thing for once and pay up. I've been waiting for nearly months. You didn't even send the paperwork when you said you would. I had to call to get you to mail it. Then in the papers you say it will take another five weeks? OK, so it's been five weeks. Now what? Do I have to call HR yet again?
I will make that call to the Post, White House, labor commissions, whomever. Hope others will too. This is getting ridiculous. It's mean, it's stupid, it's even unpatriotic at this point to screw people during times like this. I suppose that's why government eventually will have to oversee everything. Left on their own, companies like Gannett just never do the right thing. And this is a relatively simple thing. But they are still blowing it BIGTIME!
Finally, a terrific suggestion on here to take some feasible action that may bring tangible results! Thanks Jim.
10:49 -- "GCI can't be this sloppy and careless, or can it?"
ReplyDeleteYou don't really need to ask, do you? Sloppy and careless is standard operating procedure in the newsroom at my mid-sized daily. I can't imagine why it would be different in the finance department.
Gannett is about money, not serving its customers or employees. The only way they will straighten up this fiasco is if it starts to cost them and the right person notices.
Good luck with the fight. It would be great to see a story in a major paper.
I was heading to bed when I saw this post. I am another person waiting for my pension money. I hope everyone gets behind this effort to shine some light on this problem. This just doesn't seem like a simple matter of office administrators being backed up in the towers or wherever this is processed. Now I can't wait to call one of the listed newspapers tomorrow. My former hr department has done nothing but stall. Might also call my local TV news station, which luckily isn't owned by Gannett. I wish I would have thought of this myself a few weeks earlier. Might have had my money by now.
ReplyDeleteThis is when this blog is at its best. Giving people smart suggestions about what they can do to solve problems like getting their pensions. We can't all afford lawyers to go after Gannett. This seems like a good route. Does anyone have names of other reporters or media who might be interested in this type of story?
ReplyDeleteoh, gosh, I really hope we can get a major newspaper to investigate this... The good guys have to win sometimes. Hang in there y'all! Keep fighting the good fight. The least of what you deserve is your pension money... It even saddens me that you have to cash it out to get by... I know you take a big tax hit on it. Sometimes I wish I had the nerve to just quit this place. It's sooooo toxic.
ReplyDeleteI'm in!!!! Perhaps this is the crack in the Gannett armor. Floodgates might open as a result. I will call several reporters I know and tip them off that Gannett is apparently not paying out pensions owed to laid off workers. Keep in mind, many of them read this blog so they might already be on it. Wish I could investigate myself.
ReplyDeleteNew Jersey ex-Gannettoids (and even current ones) alone should be able to get the ball rolling. C'mon Garden Staters, let's get our former competitors involved.
ReplyDeleteThe stalling is a small part of the story.
ReplyDeleteThe part I'm finding more potentially newsworthy is the struggle to get the information needed to verify the payout figures they offer. A lawyer told me defined-benefits plans require an annual reporting to members. Gannett says that's not true.
Either way, I've never received any reporting, ever, about the company's pension plan beyond that it exists. Even after I formally and specifically asked for the relevant Summary Plan Descriptions in a return-receipt letter corporate received Jan. 16, I didn't get a copy of that booklet until I received the whole pension packet a week ago. That packet included only the Gannett SPD, but because my service 10 to 20 years ago was in predecessor Gannett bought, I need that SPD too, and only today I was informed I will be sent one as requested. Hell, I don't even know if that prior plan was a defined-benefits plan, just that Gannett is telling me it's worth less than 1/3 of Gannett's usual pension.
I have no way of independently confirming the numbers without this information they are so stingy with. They seem to expect us to be so desperate by the time we receive the pension packet that we'll not question signing the rollover agreement, which includes a legal waiver of any right to revisit or seek recourse if that figure is later learned to be wrong.
Now, to be fair, I would give even odds on whether that is intended to pull wool over our eyes or just snafu, but I think Gannett's HR folks should shape up on this responsibility -- and fast -- or they will deserve any bad press or suspicions that may come of it.
This pension thing is consuming a lot of my time, so it's a good thing I'm laid off and receiving severance pay.
Jim, as a journalist, do you think this is a story other media would be interested in? Or are journalists like cops and doctors? Are there any unwritten rules about not exposing other media companies?
ReplyDeleteIf I were pitched this story idea, 11:34, I would look for other industries that have been similarly hit, to give the story more sweep, so it would attract more readers/viewers.
ReplyDeleteIf this were a problem confined to one industry, or even one company, it could still be a compelling story. But I think readers are naturally wary of newspaper reporters writing oh-woe-is-us stories.
Has anyone ever heard of other companies or industries taking months to give former employees their pensions payouts? I haven't. In my experience, payouts were granted within a week or two. Ditto on most folks I've spoken to who have worked in other businesses. This raises suspicions about why Gannett is dragging its feet. When you take into account all the other problems Gannett is having, there does seem to be something rotten going on. But I will leave that to someone with better investigative credentials than I to determine.
ReplyDelete11:34 PM gets it.
ReplyDeleteThis is going to get very interesting before it's all over.
You might want to visit a site called free erisa to see copies of the required forms Gannett submitted to the IRS for the different pension plans.
Yeah! Let's all 16 of us write to the WaPo! YooHoo!
ReplyDeleteGet them pensions.
As I wrote yesterday, my experience has been completely different from some of yours. I took a voluntary buyout, asked for my pension in January, and received the check about a month later. It all happened exactly as my local HR representative said it would (I pestered her after reading the blog.) It makes me think the problem is with your local HR department, not corporate. Unless I somehow got very, very lucky, which would not be my normal fate.
ReplyDeleteI'm not a lawyer, and I don't play one on TV, but it seems to me that if you have waited several months and have a decent amount of money at stake, it might be a good investment to pay a lawyer to write a letter explaining that there is a federal law requiring them to pay you in 90 days.
That, it seems to me, would serve a couple of functions. First, companies tend to take letters from lawyers more seriously than calls from former employees. Second, it creates a record that you have requested the money, in the event they continue to stall and you need to take more aggressive action.
But, again, I have no complaints with the way my pension was handled or the time it took to receive the money. I'm sorry some of you are having a different experience. I just don't think this is a problem that can be laid at corporate's feet.
WP, is having their owned, money problems.
ReplyDeleteLISA LUDLOW NEPTUNE HR are you reading this?..WE WANT OUR PENSION INFO NOW! CARRIE OMAN are YOU reading this? I am 45 and still unemployed I cant imagine what this pension stall is doing to my former older co workers who are depending on this benefit!
ReplyDeleteGET MOVING GANNETT!!!
Anyone think of contacting your local and federal legislators. With all the government money being thrown around and all the bashing of corporate America, they should be more than willing to look into this "Ponzi Scheme".
ReplyDeleteThis is a timely post. I sent in the necessary paperwork in early January for my pension and haven't heard a peep since then. I was planning to follow up today.
ReplyDeleteConsidering the large number of people who are clearly having trouble getting their pension payouts, I apparently have every reason to be nervous.
I would suggest calling an alternative news weekly like the Washington City Paper rather than The Post. The Post, like many large, mainstream dailies, has lost its ability to do nuts and bolts investigative work. Either they don't have the resources or are just hiring techies with no real journalism skills. Howard Kurtz, the media writer at The Post, isn't bad, but his columns tend to read more like fluff pieces than hard-hitting, investigative work.
ReplyDeleteAs for the pension issue, I am a strong believer in where there is smoke there is fire. You folks are absolutely correct in being upset over Gannett not giving you your money. I wouldn't be surprised if there is something more to this delay that typical incompetence.
Tragic that the government is spending all these billions of dollars to rescue people from foreclosures. If companies like Gannett met their obligations in a timely fashion, particularly for the benefit of folks already hurt by losing their jobs, some people could avoid having to be bailed out.
From what I understand, many of those who were laid off were highly competent and loyal people, and a majority of those were over 40 (hmmmmm...age discrimination, too), so the company is already looking bad for letting the wrong people go. Now they won't give them their pensions? Wow, I thought where I worked was bad.
Contacting the media often gets better results than contacting attorneys. Companies simply don't like being publicly embarrassed and the people with a beef tend to get some justice without having to spend a dime. It also keeps lawyers from getting richer.
ReplyDeleteThis pension mess sounds to me like a good candidate for a decent story, whether it's just about Gannett and USA Today or a broader problem across other industries.
BTW, I've worked in publishing for 35 years, only a handful of them at Gannett, and have never heard of pension payouts taking more than 30 days. In fact, the one time I cashed out my pension, I received the money with my final paycheck on the normal pay cycle.
It's not a good idea from a tax standpoint to cash out pensions, but I do understand the desperation some folks are feeling during these times.
It's a sin that Gannett isn't doing better job at getting this pension money to people who worked many years for it.
I would also write your reps in Congress and even the White House about this issue. Large companies like Gannett aren't seen in a great light at the moment. You might actual be able to get a politician or two to take up your cause.
For what it's worth, I'm a former USAT employee. It took me 41 days to receive my payout.
ReplyDeleteIf the powers that be do read this blog, hopefully someone will get this pension hassle resolved immediately.
ReplyDeleteNo one from the December layoffs should still be without their payouts if they filled out the papers and returned them to the obnoxious tower.
With everything that is going on with layoffs and the economy, this is sickening behavior on behalf of Gannett.
41 days from the time you left USAT or from the time you returned the paperwork?
ReplyDeleteThe media doesn't really report negative news about itself, not in any in depth manner. And there are fewer and fewer journalists out there with the know-how and nose for news to see the significance of this story.
ReplyDeleteThis pension mess that GCI has created isn't going to go away on its own. Despite the costs to ex employees, it's probably going to take legal action to resolve. Many of those who were laid off in early December have run out or are about to run out of severance and are heading straight to unemployment. The pension money would be a great help at this point, but GCI has failed to live up to its moral, if not legal responsibilities.
The HR department(s) or whomever is in charge of this should be among those who are let go in the next round of layoffs. Just the bashing that Gannett is getting on here about this issue isn't good for business. You would think administrative things like this would be taken care of properly so that GCI can ease the constant flow of negativity. I mean, come on, what is the problem here? Why are you folks in the McLean palace bringing on such attention to yourselves over something that should be an no-brainer? Pay up!
I got papers for the 401(k) and pension at the same time. I sent them out the first week in January, I got my 401(k) within a few weeks. I haven't heard anything of the pension.
ReplyDeleteDoes anyone know why the pension would take longer than the 401(k)? Gov't rules or something or just more gannett incompetence?
I just want my pension money so that I can move on and never have to think about this horrendous company again. Still having this unresolved business with Gannett is frustrating as hell. You would also think that these corporate monsters would want to be done with us. After all, they threw us out in December with zero sense of appreciation for the years of service we gave. A very quick goodbye. My editor barely said a word, and we worked together for nearly 20 years! There was quite the rush to get rid of us, with virtually no thought about other options. Now we just want our money so we can forget about this horrible chapter in our lives.
ReplyDeleteIf it takes making some calls to newspapers, magazines or even political types to bring some attention to this, I am willing to do that if I don't see results in the next few days. Maybe if we hit this on several fronts (Jim's blog, legally and through the media), we can get our friggin' pensions.
I am done calling and writing HR. It's gotten me nowhere. Time for a new approach.
I got my 401k money too, mostly by working through the benefits web site, but still no pension. Not sure what the difference is, but it's shameful what is going on with these pensions. We are coming up on three months since the big layoffs, and still very few of us have received the payouts, and most of us had to work just to get Gannett to send us the paperwork to get the ball rolling. Well, it appears the ball has stopped rolling and someone needs to give a legitimate answer as to why. I have heard that people who were let go even early than December have still not received their pensions. Makes me wonder if the money even exists.
ReplyDeleteGannett and/or its properties need to be held accountable for this pension fiasco. Please, everyone, write or call whomever you have to! Time is running out for a lot of folks living on the financial edge. I stay in touch with a couple folks who were laid off, and they are really beginning to hurt. This money is needed and is needed now.
ReplyDeleteI was laid off in August in the first wave. I did start to wonder what was up with the pension by mid-October and called Tysons & was told it would be completed within a couple weeks. I received my check for my pension rollover in early November (though as another poster noted I have no idea if the amount is right or not; I signed because I felt I had no other choice). So they were within the 90-day window. The 401K was even easier because I was able to roll it over into an IRA online. I am so sorry other laid-off employees are having such terrible experiences. No way is it acceptable for a pension payout to take four months.
ReplyDeleteSome are worried that the pension money isn't there, and that is why there is this huge delay with payouts. With stock still tumbling and other rumors floating around, I am beginning to wonder if this is going to turn into and Enron-type of situation. And if I am wondering that, maybe some inquisitive reporter somewhere out there is wondering the same thing. Would be a good story to break. Gannett, is the largest newspaper publisher in the nation, so it's not like its demise would be some minor story.
ReplyDeleteThe pension problem is intriguing and could be a sign of things being even worse than we thought.
ReplyDeleteThere is no logical or legal reason why the payouts should be so tardy. Most companies want to clear all connections to former employees. To have this looming out there does no one any good.
I am sure someone is going to pick up on this and might get an even bigger scoop in the process.
Does seem like something more than incompetence is going on!!! I am not the conspiracy type, but from what I've been reading...yea, this should be looked into.
ReplyDeleteIt's been almost 2 months since I left and I have not received any paperwork regarding my pension. I sent a certified letter a couple of weeks ago and have received the return receipt, but nothing else. Does the 90 days start when you leave or after they have been officially informed of your request (certified letter)?
ReplyDeleteNot sure when the 90 days starts or if that 90 days is even legitimate.
ReplyDeleteOne thing for sure, Gannett has rubbed a lot of salt into a lot of wounds with this pension melee.
I have read comments and complaints on and off for weeks about this problem, but it now appears ready to explode.
This is a perfect example of why people hate this company. Even if you aren't a victim of this, it still maddening to know that so many of your former colleagues are once again suffering because of Gannett's sloppiness.
If this is something more than sloppiness, as some have suggested, I do hope it's exposed. Corporate America can't continue to operate this way.
This is a relatively simple matter. It should be fixed. And if it isn't, then someone in the towers isn't doing their jobs.
There are enough media companies and journalists out there who would love to stick it to Gannett.
ReplyDeleteMaybe this is their chance?
I waited about six weeks after my layoff to receive the paperwork for the pension. When the papers didn't arrive, I called the human resources department of my former paper. They made a call to someone in corporate, and the papers arrived soon after.
ReplyDeleteAt that point, I immediate filled out the papers, opted to have the money directly deposited into my bank. I mailed the papers to the address provided, and haven't heard a thing as of today. The papers said the money should be sent to my account within five weeks. Why so long, I don't know. Today marks the completion of give weeks.
Next week, I am going to have to call HR again, I guess. Why I and others have to keep calling remains a frustration and a mystery.
Gannett was certainly efficient in getting rid of us. So I know they have the ability to move quickly when they want to.
If I don't see the money by next week, I probably will go to other media and tell my story in greater detail. And that will open up another whole can of worms that I doubt Gannett will appreciate.
This isn't about sour grapes. This is about accountability and doing what is right. We should have our pension money by now, without having to beg or jump through hoops for it.
Do the board of directors ever read this blog? This is ridiculous. How can anyone with any sense of right and wrong permit this pension horror to linger on?
Jim, please keep this a priority someone on this blog. Keep it visible. People really need help with this.
Class-action lawsuit anyone? They owe us that money. If they don't want to let it go, then we might need to file a class-action lawsuit to get them to release it. Yes, any additional media coverage is helpful, but I think a combination of things might need to be done in order to get our money.
ReplyDeleteYes indeed ... this needs to become a growing priority on this blog ... getting the pension payouts to the people who have been waiting two, three months or longer. It's going to get worse for many people as they wait for their money. Bills are piling up. Maybe exposing the issue on this blog will do some tangible good.
ReplyDeleteAny help on Gannett Blog would be much appreciated.
I dislike having to go the lawsuit route, but a class action suit might be required in this case. I didn't anticipate that getting MY money would be so difficult. I don't understand the cavalier attitude Gannett has regarding this. But it certainly does seem like they need a wake up call, and soon. They are holding what is rightfully ours. If they didn't want to give us the damn money, maybe they shouldn't have laid us off!
ReplyDeleteLongtime reader, first time comment contributor here.
ReplyDeleteThe pension issue has been bugging me too.
I was laid off the first week in December like many of you. My story is similar. Had to contact HR flaks to find out where the paperwork was...blah, blah, blah.
Bottom line, I am sitting here still without the money. It kills me to have to pay the tax penalty, but I do need the cash. For Gannett to make this more painful is beyond belief.
I wasn't a hater, even after being laid off, but I am now. Everything people have told me for years about this company is true.
This is embarrassing that I have to ask. I was only at Gannett for 5 1/2 years. Do I even have a pension coming? I left 4Q 08 and have not heard anything. But I figured it was because I wasn't eligible.
ReplyDeleteQuoting Tom Donovan APP publisher - "You will receive your notification of your vested benefit within 90 days."
ReplyDeleteExactly 80 days for me today and I have nothing from this company but a bunch of lies and stall tactics!
Come'on Asbury Park HR get off your asses and do SOMETHING!!!
Those who still work at Gannett or USA TODAY and are counting on their pensions when they eventually leave or retire should be paying close attention to this increasingly disturbing trend faced by the December layoff victims. Current employees have a significant stake in the plight of their former colleagues trying to collect their pension money. If the money isn't there now... well, you catch my drift.
ReplyDeleteThese unusual pension delays could indicate one of several things, from GCI being swamped processing this stuff to some far more serious problems. I hope someone can get to the bottom of it. Media or government or lawyers -- please, someone find out what's going on for the sake of these people who need the money now and those of us who are counting on our pensions from Gannett when we retire down the road.
ReplyDeleteIf yo want to know why the people in NJ are more vocal and more angry consider this.
ReplyDeleteWhen Gannett froze our pensions we got a notice of the balance in the mail. Then we got a "corrected statement."
The first one was based on our time with the APP, then Gannett said, "Oh no, we're only going to give you money for the time you were with Gannett."
A lot of people saw years of work evaporate in a moment. This after asurances when Gannett bought the Press that we would be "grandfathered" in and our time would count.
But we got nothing in writing, we trusted Gannett (at the time) and, maybe, they meant it then. And we trusted the selling publisher, who I still believe took Gannett at their word about this.
And a small thing, but one that exemplifies false cost savings. The Press is canceling the fitness classes, which must cost the company all of, maybe, $300 a week with more coming out of payroll deductions from paeticipating employees.
Yes, this may sound whiney to some, but those classes, even for employees who do not take them, were an example of how the company cared about the welfare of the employee.
I think we can all agree that we can't trust Gannett and have lots of anger, regardless of whether we work or worked in NJ or not. But this pension delay is something that deserves more than rhetoric. We need to take some action, folks. Soon. We need solid suggestions for getting that money or finding out what is really going on and delaying the payouts.
ReplyDeletePlease, let us keep this one post to suggestions and factual stories about what people have done to try to get their pensions. And by all means, if we can get some pub in various publications about this, let's do it!
This can't just be ranting. We need action. There is an urgency to this that impacts many people.
Less drama, more phone calls and emails to those outside of Gannett who can help.
If I don't see my payout by the ned of next week, I will shoot you an email Jim, and will be willing to go on the record with any reporter you might introduce me to. I believe there is a good chance this is more than an administrative entanglement, and hope others email you too.
ReplyDeleteIn the meantime, is there some way to get a running tally on how many folks haven't gotten their payouts and where they worked prior to the December layoffs? I know that wont' be a totally accurate number, since there probably are some folks who don't visit this blog, but it might give us an idea if we're dealing with dozens, hundreds or even thousands of payouts that are owed.
Kind of interesting bits an pieces of information, but I don't know if this is all totally accurate. As a former HR emp lost in the September shuffle, I have to say that the majority of the folks I worked with at my unit received their pension money within 50-60 days of me starting the process for them. For myself, I sent in my docs in October and received my check in 53 days. I thought that was way way quicker than I thought possible given all that was going on. So I have to disagree with some posters here.
ReplyDeleteMillions and millions served is the slogan.
ReplyDeleteOkay, bad attempt at humor.
I left the company on September 9 and filled out paperwork about three weeks later. I received my payout on December 7. It was painless, easy, and I have to thank my local HR rep for helping me through the process. There have been a lot of problems with losing my job, but this was not one of them
Contact Frank Ahrens at the Washington Post; he covers media outlets for their Financial section.
ReplyDeleteIsn't this a breach of Fiduciary responsibility of Senior Gannett Management.
ReplyDeleteMaybe an ERISA claim against GCI and the executives individually can result in freezing their PERSONAL assets.
I recall Matore stated in a recent conference call with analyst that GCI has a SHORTFALL of OVER $700 Million in the pension acrural accounts...Where are our pension $$$ ?
To 12:55 & 1:00 who filled out there paperwork after 3 weeks and received their checks shortly after, I was laid off Dec 3 and have yet to even receive my paperwork. Received paperwork on everything else including 401K and Cobra, but still no pension.
ReplyDeleteI think we need to isolate where the problems are. I worked in Des Moines, got my pension within five weeks.
ReplyDeleteHow about you? Where did you work? Have you gotten it? Not gotten it? How long have you waited?
I worked at USA TODAY and still have not received my payout. Been five weeks since I mailed in the papers. I had to initiate getting the papers sent to me.
ReplyDeleteSomeone needs to start a blog that is just about the Gannett pension. If we get this information online, it wil grab the attention of the shareholders and corporate. We can't just sit around and whine. Who is up for starting this site? We DESERVE our pension money. We were grandfathered in and they can't throw us under the rug. WE WANT OUT MONEY GANNETT! WE ARE MAD AS HELL AND WE AREN'T GOING TO TAKE IT ANYMORE!
ReplyDeleteThanks Jim, for reminding me of this line from your favorite movie!
The two people I know from my area got their pensions in about 9 weeks after they left, which was actually pretty good since both didn't send in paperwork for a while. I am sure some have issues, but everyone I know who has left has moved their money to an IRA relatively quickly.
ReplyDeleteThe pension money is supposed to be, by law, in a dedicated account. Unless there are illegal double books going on, stock price has no bearing on it. (Frankly, I don't think stock price has a large degree of bearing on the possibility of bankruptcy, because the company is still highly profitable day-to-day, just not investment-attractive to Wall Street at the moment.)
ReplyDeleteI want to reiterate and highlight, though, that the delay may be secondary to the fact Gannett is not willingly making it possible for us to verify what they say is our payout figure before we sign a form waiving rights to ever challenge it once we sign for the fund transfer.
Jim, you should bump this thread once it leaves the main page. Gannett is irresponsibly remiss.
It does seem as if the delay may be deliberate, to make the pension holders so desperate or exasperated by the time they get the form, that they do not question the figure and do not hesitate to sign away their rights to possibly more money.
11:50 AM, that Tom Donovan letter and the HR q/a we got at the APP layoff also told us we could file for unemployment after severance runs out, which was a bald-faced lie that had to be intended to save them the consequences of their real 4th quarter unemployment burden. I mean, in NJ, there is no ambiguity in the UI rules and it's not hard to find it out.
ReplyDeleteDon't believe a word Donovan, Towns or the APP HR tell you.
That's why I'm not buying at face value that the portion Don and Jules put into our pension 1997 and prior is worth less than one-third of Gannett workers earned. The Lass and Pflanger families were known to be generous to us in every way, and Gannett is stingy in every way, so it doesn't pass the smell test with me so far. I'm still waiting for some proof of the APP pre-1998 pension contract.
I read this post with interest. I didn't have a problem getting my pension money and rolling it over to an IRA. It was actually much simpler than I had anticipated.
ReplyDeleteAfter leaving the company in September I worked with local HR, a real treat, to get the ball rolling. Filed my paperwork in October, received a check in late December.
So unlike some on here this wasn't an issue. It went pretty smoothly.
But what I don't understand is the concept that Gannett is "making money" or something if they did want to hold onto everyone's pension money as many has claimed. What would be the benefit there?
If anything, they should want to pay out faster to get rid of the liability. Has anyone looked at the market (sic). Gannett much be investing the billion in pension funds somewhere, and that investment can't be doing well.
So why wouldn't they want to get it out faster so they were not responsible for it any more? I mean, if you and I have our pension money it is our problem, not their problem.
I've been reading this with interest, since I am one of the people who volunteered for a buy-out back in August.
ReplyDeleteI was accepted in early September but it took until mid-December for the entire group of us to get our pension paperwork from Gannett. And that was after repeated calls, e-mails, etc. that frustrated all of us so much that we were considering hiring a lawyer.
In any case, there is a good news ending: I applied for the monthly pension benefit, effective January 2009. Even though I submitted the final paperwork just two weeks ago, the checks for January and February landed in my bank account yesterday.
I received my check in the mail today.
ReplyDeleteLeft the company the first week in December.
10:58 AM
ReplyDeleteI think you're on the right track by questioning whether or not the company is calculating pensions correctly. Good luck.
About the relationship between stock prices and retirement benefits, you might want to review the most recent annual report. Note 7, beginning on page 58, covers it.
According to that report, retirement plan assets include 1.2 million shares of common stock valued at $75 million at the end of 2006, and $48 million at the end of 2007.
I find it fascinating that, if I'm reading this correctly, Gannett planned for an 8.75% return on retirement plan asset investments, but the actual amounts reported are 9.2 % for 2005, 13.02% for 2006 and 9.3% for 2007.
Seems that's the return for the entire assets of $3.4 billion in 2007 and $3.3 billion in 2006.
This makes me wonder how the pension underfunding problem happened.
308 PM, I had read that pension portion in the annual report and took note. It's a small loss relative to the overall pension fund, but it left me thinking the same thing. Eliminating dividends this month will mean depriving the board's own Gannett pension fund $48 million income, and it's already underfunded for the second year in a row. The law allows seven years to fully refund it. They might think stock gains will eventually do that, but it's not looking like it'll take more than just five years for that to happen. The only reason I can see for this company, still well in the black, not to pay anything toward its pension fund this year is because it doesn't see Gannett being a company, at least not as it is now, in five years.
ReplyDeleteSo, I'm glad to be getting my pension out now, but I want it to be the correct amount I'm due.
1154 AM, my recollection is the same about the Lass and Pflangier families' transfer of APP to Gannett. Do you know when, exactly, that sale took place?
Do you remember we received some thousands of lump sum when the sale transpired? I think I remember being told it was the excess of what would bring us up to par with Gannett, to prevent this two-tier system Gannett now is telling me we're in. If that wasn't why, why on earth would they have given upspart of our pension and roll over an underfunded portion? That makes no sense to me.
The percentage of the pre-1998 APP tier is based on what they say was the lump sum Don and Jules transferred to Gannett on our individual account divided by our annual income that year.
I can't believe Don and Jules did that with a handshake deal. There must be a sales contract outlining the pension transfer. Is there enough reason to doubt to cause us to try to track that down? I'm not sure I want to sign away my rights to claim my full share if that substandard tier turns out to be inaccurate. For me, the difference is about $40,000. A lawsuit, though, would eat up $40,000 fast.
Victim of December massacre in St. Cloud. No pension. Not even so much as the paperwork to get it started. Still waiting for any contact to come my way. It's frustrating.
ReplyDeleteSorry, why on earth would they have given us part of our pension -- not "given upspart of our pension" -- and roll over an underfunded portion?
ReplyDelete(Damn laptop keyboard)
And I hope anyone reading that last post figured out my erroneous double negative. Sorry!
You can see how the pension money was invested at a site called free erisa. It posts the actual IRS forms the company filled out.
ReplyDeleteI'm a December "graduate" and my check came in the mail yesterday. That was earlier than I was led to believe.
ReplyDeleteDid anyone get less than they were supposed to according to that Aug 8th retirement summary? I received my payout information today and it is 1/4 of what is was supposed to be.
ReplyDeleteDoes anyone have any feedback on this?
I tried to find a Gannett Form 5500 (pension funding) online and the latest version available was 2006. Needless to say, a lot has happened since then ... Since I'm tied to the old fixed-benefit program, it's of great concern to me how well funded the pension trust might be. How long do you suppose we Mother G retirees might expect their checks to keep coming?
ReplyDeleteAnybody else find current information?