Thursday, February 11, 2010
Stocks' rise said good news for GCI pension plan
In a new post about earnings trends among publishers, Nieman Journalism Lab blogger Martin Langeveld notes that Gannett’s "aggressive and almost continual cost-cutting during the year paid off with a leap in profitability.'' What's more, in an important observation I haven't seen elsewhere, he writes: "The rise in the stock market during 2009 means that Gannett won’t have to make any contributions in 2010 to its underfunded pension plans."
7 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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Pull up the records and see for yourself just when was the last time Gannett contributed to your pension plan. You might be shocked.
ReplyDeleteGot a link for those records?
ReplyDeletelook in the annual plans.
ReplyDeleteOK; I'm now trying to track down the most recent one for Gannett.
ReplyDeleteWhat pensions? I thought they were all frozen, and we weren't allowed to touch them. Or am I thinking of something else?
ReplyDeleteYou can't add to the pensions. But that doesn't mean they've gone away.
ReplyDeleteWith the exceptions of the UK and collectively bargained plans, Gannett hasn't contributed anything significant to retirement plans for years. I could be missing something, but it seems to me they reported underfunding, but didn't contribute for a whole bunch of years. Also, a site called freeerisa has the tax forms for the pension and welfare plans.
ReplyDelete