Editor & Publisher
A memo from Gannett CEO Craig Dubow says:
Freezing the Pension Plan means:
– On Aug. 1, your pension plan benefit will be frozen. It will not continue to grow (based on your years of service and final pay) as it did in the past.
– All your benefits currently in the Pension Plan remain there for your retirement.
– A cost-of-living allowance will be applied to your frozen benefit to help protect it from inflation.Gannett is improving the 401(k). The new match for the Gannett 401(k), beginning Aug. 1, will be:
– Gannett contributes $1 in Gannett stock for every $1 you contribute (up to 5% of your pay).
– Most Gannett employees now receive a 50-cent match for every $1 (up to 6% of your pay). – This is a large improvement in the 401(k) match.
