Tuesday, August 12, 2008
How Sue Clark-Johnson funded her retirement
-- an anonymous Gannett Blog reader, commenting on the dreaded "dollar drill," once used to terrorize operating committee members.
3 comments:
Jim says: "Proceed with caution; this is a free-for-all comment zone. I try to correct or clarify incorrect information. But I can't catch everything. Please keep your posts focused on Gannett and media-related subjects. Note that I occasionally review comments in advance, to reject inappropriate ones. And I ignore hostile posters, and recommend you do, too."
Note: Only a member of this blog may post a comment.
Subscribe to:
Post Comments (Atom)
Speaking of money, can someone tell me why Gannett quit contributing to the largest retirement plan, the one that covers the bulk of the employees? Here are the contribution figures given in the annual reports:
ReplyDelete2007 - $0.00 to US plans and $22.2 million to UK plans.
2006 - $0.00 to US plans and $9.7 million to UK plans.
2005 - $0.00 to Gannett Retirement Plan, but $36 million to one of the bargaining units (doesn't say which one), and $10 million to UK plans.
2004 - $50 million to Gannett Retirement Plan and $37.2 million to the UK plans.
2003 - $0.0 to US plans and approximately $30.4 million to UK plans.
2002 - $330 million to Gannett Retirement Plan.
2001 - $300 million to Gannett Retirement Plan.
For 2008, the company plans to contribute a de minimis amount to the US plan and $14.6 million to the UK plans.
Simple: Freeze the accounts, with a small adjustment for inflation, and Gannett gets to keep the 3-4% (or more) the investments make *over* inflation every year. It's brilliant in its dark evil.
ReplyDeleteThanks, but that doesn't answer my question. I want to know why Gannett quit contributing three years before they froze the pension funds. Can anyone explain?
ReplyDelete