Following up on yesterday's Gannett story, the local Newspaper Guild has reached a contract with the D&C. Guild members had been working without a contract for 16 years.
According to the Guild's press release, Gannett, like a lot of large corporations, wanted to get rid of its pension plan. In order to do that, it had to seek union approval. Negotiations began last month, and the new contract was approved on Tuesday.
Ironically, the sticking point from 16 years ago was retirement benefits. Union members wanted access to the 401(k), and Gannett refused. Last month, Gannett reversed their position in order to unload manage their pension liability.
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I don't think they unloaded their pension liability, just froze it in place where it won't grow and will eventually disappear as retirees pass away.
Right, "manage" is a better way to put it. I updated the post.
Pensions are becoming a thing of the past...
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