Under a potential new plan being negotiated between the Associated Press and the company’s unions, pensions would be frozen at their current levels and the company would switch to a 401(k)-type plan.
According to a memo obtained by Romenesko from AP president and CEO Tom Curley, nearly all media companies and more than half of companies on the Fortune 100 list have already done away with pensions. “I have strived to do everything possible to keep your pension plan intact. Unfortunately, industry and economic pressures mean this is no longer possible,” Curley wrote.
The plan is still just a proposal, but so often these things are packaged as either “lose the pension or lose your job.” We will provide more updates as they come in.
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