Tuesday, May 06, 2014

Tribune Company Retirees Beware

Let's hope the feds are keeping an eye on the Tribune Co. pension fund, because we know we can't trust Tribune Co. executives to look out for the best interests of the employees other than themselves.

From: Tribune Communications
Sent: Tuesday, May 06, 2014 12:09 PM
Subject: Message From Melanie Hughes/Important Information Being Mailed to Your Home
For the past several months, as Tribune has prepared for the separation of its publishing businesses from the rest of the company, we’ve been considering the best structure for our pension plans and 401(k) plans going forward. We’ve decided that the best course of action is to establish separate, new 401(k) plans for both Tribune Publishing employees and Tribune Media employees.
In the next week or so, we’ll be mailing more detailed information to your home about the:
· Terms and provisions of the new 401(k) plans,
· Process that employees will need to follow as we transition to them, and,
· Answers to commonly asked questions.
This information has been tailored to your specific situation, depending on the retirement plan(s) in which you currently participate, the plan(s) you are transitioning to, and the business unit in which you work (i.e., broadcasting, publishing, digital, or corporate office).
Please be sure to look for this important communication coming in your mail at home soon.
Thank you,


Anonymous said...

You might be surprised as to the real total of your 401K. Your Tribune pension is bundled in it.

Anonymous said...

After the Supreme Court approved IBM's cash Balance Plan the Tribune company was number 2 to carry out this rape of it's retiree's.
I remember the company sending a rep to inform us of the changes.
All were present- editors, reporters, and all personnel from production.
Half way through the presentation half of the reporters and editors had an extreme look of anger, shaking their heads in discuss and leaving the presentation. It was then I knew what end of the stick I was getting. The orator was still gleefully expounding of how great it was.
One person stood up and asked," If our pension is being frozen will the company still protect our pension against inflation?" Emphatically, "no" was he gleeful reply.
So in essence the company can now invest our pension in the market and earn interest off it and not return any of it back into our pension. What a scam.
To add insult to injury Zell claimed our pension fund was over funded and raided it to the tune of over 300 million.
Now we are told it is under funded. Get ready for more chicanery as the company sheds the publishing division and saddles it with so much debt that Senator Waxman is alarmed.
Crooks, Liars and Thieves.