Dow Jones cuts future benefits
Robert MacMillian of Reuters has posted a memo from Dow Jones & Co. CEO Les Hinton that explains how the parent company of The Wall Street Journal, Marketwatch and Dow Jones Newswires is cutting back on its benefits.
In the memo, Hinton states, “The Money Purchase Plan will be frozen as of July 3, 2009. The 401(k) Savings Plan will be enhanced. The net effect will be a lower rate of company contributions.
“The retiree healthcare subsidy will be curtailed for most employees effective Jan. 1, 2010. Current retirees or those employees who on Jan. 1, 2010, will be age 50 with at least 5 years of service or have 20 years of service regardless of age will continue to be eligible for a subsidy in a revised retiree healthcare plan.
“More details about the benefit program changes can be found here.
“The new retirement plans will apply to all non-IAPE* staff in the U.S. We intend to seek the same programs when we enter collective-bargaining negotiations with IAPE this year.”
Read more here.