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Topic: Memos Sent to Romenesko
Date/Time: 8/22/2005 2:51:33 PM
Title: Post-Dispatch Voluntary Retirement Incentive
Posted By: Jim Romenesko
 
St. Louis Post-Dispatch memo

HIGHLIGHTS OF VOLUNTARY RETIREMENT INCENTIVE

KEY POINTS

* As part of our overall efforts to control expenses, we need to reduce our staffing levels in some areas. The reason is that operating costs are
continuing to rise, and, despite some bright spots, the advertising revenue environment remains a challenge.

* We believe the best way to do this is to provide a generous early
retirement incentive that rewards long-term employees who have helped make and keep our newspaper strong. It is unlikely that an offer this generous will be offered again.

* The program is being made available to regular full-time and regular
part-time employees in specific areas who are age 50 and above as of
November 1, 2005 with at least five (5) consecutive years of service.

* Eligible employees include regular full-time and part-time managerial,
supervisory, administrative, non-represented technology staff and security officers as well as regular full-time and part-time staff members represented by the guild bargaining unit.

* The program is not offered in departments where staffing levels have
already been addressed.

* Those who are eligible will receive a packet today with details of the
program.

* It’s a generous and attractive program and is intended to reward long-term employees who have helped make and keep our newspaper strong.

* It was designed in part based on suggestions and requests made by
employees.

* Eligible employees must contact Human Resources by Friday, September 9, to indicate their initial interest. If the response is too great in any area, it might be necessary to limit the number of people accepted, and departure dates might need to be staggered.

* In addition to this incentive, we will continue to work to control other
costs, as well as continue to improve our product and step up our sales
programs.


QUESTIONS & ANSWERS

Question: What is the offer?

Answer: The offer is complex, and to assure complete accuracy, details are spelled out in writing in Human Resources. Only a Human Resources person can answer specific questions. In summary, the voluntary retirement offer applies to specific work areas and is open to anyone 50 and older with at least five years of service. It offers an unreduced accrued and vested pension and a financial incentive.

Question: Why are you allowing retirement at age 50?

Answer: This is an unusual step and is for this incentive only. The
Company is allowing employee unreduced accrued and vested benefits at age 50 and not 55. This is a recognition that we may have many employees who are not age 55 but may be interested in moving on to another career before their final retirement.

Question: What is the process to apply?

Answer: Each eligible employee will receive a packet with this information, a cover letter and Notice of Incentive. If interested in considering the voluntary incentive, the eligible employee must sign up in Human Resources and pick up a copy of the “Voluntary Retirement Agreement and Release” no later than 5 p.m. on September 9.

* The employee will be able to consider the offer for 45 days to decide
whether to accept the offer or until October 24, whichever comes first.

* If interest is too great in any work area, it might be necessary to
impose limits on the number of people who can be accepted into the program, and departure dates may need to be staggered.

* If it becomes necessary to limit the number of employees who are accepted, those within the guild will be given preference by seniority
within job classification and by business need within all other areas.

* Most retirements are to take place by November 1, 2005, but some might be postponed based on the needs of the organization.

* Questions about details of the incentive must be referred to Human
Resources./CONTINUED BELOW

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