Tuesday, December 23, 2008

Is McClatchy making pension payouts? (updated)

Blogging colleague Jim Hopkins has info that some former Gannett employees who left the company in August have not received their pension payout checks. For some of them it's been four months without checks.

Any word on McClatchy stiffing employees who left in the most recent round of layoffs? Leave info in comments.

A question from comments:
I left McClatchy two years ago, after nine years at the company, so my pension is vested. I was under the impression that I couldn't access that money until I reached retirement age, but now I'm seeing posts about "pension payouts" here and on Gannett Blog. Can we get that money in a lump sum and reinvest it? Or do we have to leave it with McClatchy until we retire or the company goes bankrupt?
Any answers?
.
.

4 comments:

Anonymous said...

Well, this would explain why they are taking over Knight Ridder's trust. The bastards are going to try and raid that to cover their own ass. I thought there was something fishy about that letter. Strangest thing though. That money was supposed to be managed separately and for this very reason. Looks like time for a lawsuit.

McClatchy Watch said...

A lawsuit would be the least of McClatchy's problems if they try raiding pension funds -- I think there would be a revolt.

Anonymous said...

A revolt is a nice thought, but a lawsuit may well be the only hope for keeping their mitts off of it.

Who would there be to revolt? Certainly not current employees or recent retirees. I'd be willing to be they would be more than happy to have McClatchy raid the Knight Ridder retirees to cover their own backsides.

We've already seen from past deeds, if you're going to throw someone under the bus, past retirees are the easiest to screw.

Anonymous said...

I left McClatchy two years ago, after nine years at the company, so my pension is vested. I was under the impression that I couldn't access that money until I reached retirement age, but now I'm seeing posts about "pension payouts" here and on Gannett Blog. Can we get that money in a lump sum and reinvest it? Or do we have to leave it with McClatchy until we retire or the company goes bankrupt?

Thanks for your help.