Bottom Line Communications reported last week that McClatchy's pension plans have suffered major losses. A source told John Landsberg that MNI pension funds lost as much as 25% of their value in the latest reports.
Some retirees from the Kansas City Star are not celebrating today with the news that the annual (2008) summary reports for parent McClatchy Company's various pension plans are reporting major losses.
A source noted that both the McClatchy and the old Knight Ridder 401k plans lost right around 25 percent of their asset value thanks to "losses from investments," according to the report.
"Those cash losses added up to a staggering $250.2 million---a quarter of a billion dollars!" the source said.
"The Pruitt-captained Titanic that is McClatchy has already been thoroughly run aground journalistically, and now it appears retirees are about to be tossed overboard."
I don't have specific numbers on how the funds are doing but I'll post good information that readers send. To retirees -- email me or post info/questions about your McClatchy and/or KR retirement funds.
If there is enough interest I'll do a followup post later this week.