Tuesday, December 23, 2008

Open forum on benefit issues for current and former McClatchy employees

From comments yesterday I know alot of readers are concerned about what happens to their health benefits and retirements plans if McClatchy declares bankruptcy.

This comment was apparently left by a retiree:
Knight Ridder retirees just got a notice that their trust management was being taken over by McClatchy and will still be managed through Northern Trust which they already had. It wouldn't surprise me a bit to see McClatchy try and raid it if there is a way for them to get away with it. They have proved to be pretty much a pack of thieves, so anything is possible.
In a followup comment, another reader says pensions in a bankruptcy case go to the PBGC:
if you are in a pension plan, federal ERISA law says it is supposed to send you a statement each year on its assets and obligations; plans that can't meet obligations could end up, in a bankruptcy case, in the federal Pension Benefit Guaranty Corp. and have benefits reduced. Mcclatchy probably can't estimate plan yet since stock market fell steeply.

This is an open forum to post questions and advice.
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1 comment:

McClatchy Watch said...

Here's another issue -- have you heard of McClatchy holding on to 401k accounts for more than 30 days after an employee leaves the company?