I'm asking the 600 laid-off newspaper employees to post information about themselves -- including job titles and ages -- so we can see if there's a pattern in who Gannett asked to leave the company. Don't be forgotten: Add details about yourself on the post, here.
Earlier: Our paper-by-paper layoff list
Questions? Write gannettblog[at]gmail[dot-com]; see Tipsters Anonymous Policy in the green sidebar, upper right.
Wednesday, August 27, 2008
21 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."
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By the short list of people...I have to wonder how many actual "low to mid level" employees know about this blog, or are they still shell shocked over losing their jobs?
ReplyDeleteShell shocked and afraid of Big Brother -- waiting until the pension and 401(k) is safely out of Gannett's hands.
ReplyDeleteI speak from experience as a jettisoned mid-level manager with 22 years experience and a spotless record.
I'd bet, there are plenty of current employees that escaped this round of layoffs, that wish to be fired... take the career hit, just to be out of the company and get UE. I haven't seen morale this low in any company I've worked for or had dealings with.
ReplyDeleteIsn't the 401(k) a protected investment? I don't think Gannett can screw with those savings in any way, even if one leaves them with Hewitt after leaving the company. But I understand the caution and concern when dealing with, as a previous poster put it, "Big Brother."
ReplyDeleteDon't be foolish enough to think Gannett can't find a way to seize your 401K or retirement funds.
ReplyDeleteThey are masters at law breaking and screwing employees. My attorney told me to get my funds out immediately.
Remember- if you think the law will back you up, you will have huge attorney bills fighting Gannett.
They like nothing better than crushing the little guy.
Does anyone have experience with collecting unemployment? Isn't the max amount you can get like $350-$400 a week, depending on your state, income, etc.? I called our state's UI phone number but of course couldn't get a human, and they'd probably not even talk to me until Im close to running out of severance.
ReplyDeleteThose who are hoping to be fired don't know what it's like out here. The job market is grim. Hell, I'd be happy getting a rejection letter -- none of the places I'm applying even respond at all.
ReplyDeleteSucks sucks sucks.
Gannett management can burn in hell.
2:28, it's supposed to be, but as another poster pointed out, take nothing for granted with Gannett. I strongly recommend communicating with them regarding the 401(k) and pension in writing and, especially when you roll it out, by certified mail, return receipt requested. Document, document, document. Avoid calling 800 numbers to talk to a person because a) unless you use your cell, you can't prove you made the call and b) you can't prove they said what they said.
ReplyDelete@ 2:56 -- Does your state have a web site? That might be a better place to get detailed information. It takes a little work, but you could be asking for trouble if you wait till you can get a coherent human who can answer your questions accurately on the first pass.
ReplyDeleteLooking at the small list of employees who've been laid off, there does seem to be one factor in common: Age. Almost all of these folks are over 40. Obviously, there aren't enough entries to gauge whether this is a pattern (not to mention that we don't know how truthful they are). But the list makes me wonder if the company is targeting older employees.
ReplyDeleteHello from NJ. Last week, there were several that were in their 20's, 30's, 40's and 50's. All departments. Male and female. African-American and caucasian. Full time and part time. Singles as well as those who are married, some with dependents, some without. Some folks healthy, some with a history of health problems. Seniority did not play a factor. There was no rhyme or reason, so don't try to figure it out....it's just business.
ReplyDelete7:28, that was true at the APP, but I think they're a little gunshy from the previous Labor Department investigations. They know they'd be reported again otherwise. From what was posted here, it's not clear whether that was true elsewhere.
ReplyDeleteParanoia reigns supreme.
ReplyDelete"Don't be foolish enough to think Gannett can't find a way to seize your 401K or retirement funds.
They are masters at law breaking and screwing employees. My attorney told me to get my funds out immediately.
Remember- if you think the law will back you up, you will have huge attorney bills fighting Gannett.
They like nothing better than crushing the little guy.
8/27/2008 2:49 PM"
The 401k is your money. Gannett Cannot touch it. Your only exposure is 1) Gannett cancels future matching, 2) You didn't sell the Gannett match and the stock declines to zero. 3) The investments you are in tank.
The pension is another issue as Gannett could underfund or continue to make it's contributions in rapidly depreciating company stock which would result in da da... underfunding. If Gannett were to enter banckrupcy then the pension would be at risk. The 401K and the pension operate under completely different rules. If you are so worried about Gannett grabbing your 401k and are still employed ,open a self directed 401k @ Hewitt,move everything over pay the $10/quarter fee and sleep at night. You'll also have much better selection of funds to chose from.
If you have been laid off or taken a buyout go to Fidelity, Vanguard or Schwab. Set up an IRA if you don't have one and get an IRA rollover specialist to retrieve your 401k and pension delivered directly into the IRA. Don't ask for checks to be delivered directly to you unless an expert of specialist gives you specific instructions. If you screw up the transfer you may be liable for income taxes at ordinary rates plus a 10% penalty. Don't panic, get good advice and don't trust neighbors, friends, inlaws or lawyers who don't specialize in the area and are talking out of their butt. If you have any more questions post them and I will run down some answers for you and post the links. I'm a gannettoid and have done a lot of research in this area as I'm scared to death of not having enough $$ when I retire as I've been screwed twice by changes in the pension plan so I'm trying to educate myself as best as I can.
good advice 12:56 AM
ReplyDeletethank you
I have called HR 5 times- no answer. 12:56 thanks for the info, but I'm curious- If Gannett is still matching up to 5% through the end of severance would you lose that if you pulled your 401 immediately. I have already called YBR to lower my contribution to 5%
ReplyDeleteYes ,once you move your 401k Gannett does not have to match because the account is no longer in house.
ReplyDeleteGiven the current state of GCI's finances you do not have to worry about pulling your 401k. If you have been "severed" (as they like to call it" continue 401 k contributions, sell the Gannett stock match as soon as you get it and wait until your severence period is over to move the account. The match is "free money" you can't beat it and as I said above it's the pension plan finances that are most at risk, not the 401k
from 12:56 revisited.
Neither your contributions nor matching payments to 401(k) can continue once you go on severance. It's an IRS rule.
ReplyDeleteMy recollection (from two years ago) is that they send you a statement within so many days of your separation (45 or 60 ?) disclosing the pension lump sum and monthly benefit payout. Taxes and penalties on a lump sum distribution are about 30 percent.
ReplyDeleteWaited 62 days before Gannett would release my 401K and another 47 days before I got any pension numbers. My HR department told me that Gannett has one person doing the paperwork so I need to be very patient. It was a pain, but I got it all, so I thought. The pension had an error and I'm still waiting for Gannett to clear it up
ReplyDeletein indy a few year ago a guy who retired died before he got pension straightened out.
ReplyDeletehttp://www.pensionrights.org/contact.php
ReplyDeletehttp://www.erisa.com/