While some members of TWT were concerned that the paper may not make payroll, FishbowlDC is told that employees were paid on schedule today. However, Times VP of HR Sonya Jenkins sent a memo this afternoon informing employees that “effective November 13, 2009 (today), the matching contributions under The Washington Times 401(k) Savings Plan and Supplemental Survivor & Retirement Plan (SSRS) will be suspended.”
Jenkins said in her memo, “we regret having to take this action but believe it is the prudent thing to do in light of current economic and industry conditions.”
Memo obtained by FishbowlDC after the jump.
From: “Sonya Jenkins”
Date: Fri, 13 Nov 2009 14:04:09 -0500
Subject: 401k and SSRS Plan Update
As we continue to assess changes necessary to manage through the industry and economic challenges confronting The Washington Times, we must take immediate steps to reduce costs.
Effective November 13, 2009, the matching contributions under The Washington Times 401(k) Savings Plan (the “Plan”) and Supplemental Survivor & Retirement Plan (SSRS) will be suspended. This change does not affect matching contributions made in the past. It is our hope that with improvement in economic conditions the matching contributions can be reinstated in the future.
We regret having to take this action but believe it is the prudent thing to do in light of current economic and industry conditions. We continue to offer competitive compensation and benefits and, as noted in recent media coverage, many organizations have suspended or eliminated their 401(k) and SSRS matching contributions.
The Plans remain a tax-effective way to save for retirement and you are encouraged to continue your participation in this retirement savings program. You may make changes to your contribution elections at any time online at rps.troweprice.com or by calling T. Rowe Price at 1-800-922-9945. Employees in the SSRS Plan should contact Chris Ledbetter at XXXX. Your new Summary Plan Documents will be sent to you the week of November 16, 2009.
Thank you for your understanding. If you have any questions, please contact Sonya R. Jenkins at XXX.