McClatchy Freezes Some Employee Pensions to Try to Stabilize Finances
The McClatchy Company announced last week that it plans to freeze certain nonqualified supplemental executive retirement benefits for a small number of pension plan participants as the company tries to stabilize a dire financial situation. The announcement was a follow-up to the companys third quarter earnings report in which the company said it requested a waiver from the Internal Revenue Service for defined benefit pension plan obligations for 2019, 2020 and 2021. The IRS denied the request.
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