NYPost: Pensions cut at Forbes

The New York Post is reporting that the future pension plan at Forbes magazine has been cut.

Keith Kelly wrote, “Chairman Steve Forbes told employees about the news in a year-end package that went out late last week.

“A spokeswoman insisted yesterday that the Forbes plan ‘is frozen; it’s not being scrapped.’

“She also said that this year for the first time in its history, the company is giving an equity distribution plan to all its employees, essentially cutting them in as owners of the magazine company.

“Anyone eligible for a pension at Forbes will still get one, but only those 55 years and older, with at least 10 years of experience, will still be adding to their pension pot as they continue to serve, said the spokeswoman.

“The years-of-service clause will be frozen for all the younger members. And newcomers to the company will be given no chance to qualify for what is known as a defined benefit pension, which requires no contribution from the employee to receive a payout after retirement.”