The Times Co. said Friday a busy news day when not a lot of people were likely to notice
it will offer those former employees who are eligible the option to receive all of their pension in one lump-sum payment, equal to the present value of their benefits
calculated using a discount rate of 100%.
They can alternatively start to receive a reduced annuity.
Hemlock is also available, as is the option of receiving benefits in the form of Cracker-Jack prizes.
'Reduced annuity' is also known as a pension payment cut...
A company spokesman confirmed Janet Robinson
who they just replaced with a white male making $8 million
was eligible for the offer.
Betcha she doesn't suffer any...
The offer is aimed at reducing the size of the company's pension obligations
which started the year at a staggering $400,000,000
and "the volatility in the company's overall financial condition," the Times Co. said in a regulatory filing.
Or as Champ would say, the Sulzbergers want to balance their budget on the backs of the poorest and most vulnerable members of the NYT community.
He's not going to sell the house in the Hamptons, greenhorn...
While recent assets sales have helped strengthen the media company's balance sheet, it still is grappling with significant pension obligations.
NYT management noted that the company was operating at a significant pricing disadvantage to its main competition: White House press releases.
Everyone else has to meet their pension obligations, and raise taxes and contributions as necessary to do that, according to Times editorials...