After eight months of negotiations, the Washington Post’s union employees have agreed to a contract extension, which will freeze the company’s defined benefit plan, effective August 31.
“We regret to say that (the) Post never budged from its demand to slash retirement benefits,” according to language in a statement from the Washington-Baltimore Newspaper Guild, which represents 860 Post employees.
The terms of the contract also close the company’s cash balance retirement plan to new employees. The Post also agreed to not de-risk pension liabilities by selling the plan’s assets to an insurance company.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
