June 17, 2008

Gannett Watch

Courier-Journal employees are about to have their pensions frozen. As of Aug. 1, C-J parent company Gannett will no longer pay into the established pension benefit program, according to a memo written by CEO Craig Dubow and provided to LEO by a current C-J employee. That memo, circulated to Gannett employees via e-mail June 11, also says the company will be improving its 401(k) program by contributing $1 in Gannett stock for every $1 contributed by the employee (up to 5 percent of pay). That’s up from the current program, which is 50 cents of stock per dollar up to 6 percent of pay. 

“It is important to know that even with the improved match in the 401(k), nearly all employees at every level will see a diminished benefit,” Dubow wrote.