McClatchy Freezes Some Employee Pensions to Try to Stabilize Finances
Plan was underfunded by $535 million as of March 31, 2019 with another $124 million in estimated contributions due in 2020.
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 company’s 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.
Subscription Insider now embargoes NEWS and FEATURE articles 14 days after they are published.
All registered site users can enjoy access to our full archive of news and feature content by logging in.
Remember — Subscription Insider membership includes access to all embargoed content.
Subscription Insider has upgraded to a new technology platform and our login process has changed:
FOR FREE EMBARGOED ACCESS:
- Newsletter Subscribers (Free): Please log in using the email you used to signup for our Newsletter. The first time you log in, you will need to reset your password.
- Registered Site Users: Please use the email and password you used when you registered for free site access for Subscription Insider.