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News Breaks | | | | September 14, 2012 | | 10:30 EDT |  | NYT | New York Times offers lump sum pension payment, reduced monthly annuity
New York Times disclosed in a regulatory filing earlier today that it informed certain former employees who are participants in the company's pension plan that it intends to offer such pension plan participants the option of receiving a one-time lump sum payment equal to the present value of the participant's pension benefit or commencing a reduced monthly annuity now. The voluntary offer will be made to approximately 5,200 eligible terminated vested participants, representing approximately 15% of the company's total qualified pension plan liabilities, which was approximately $1.987B as of December 25, 2011. Eligible participants will have until November 2 to make their election. The Company expects to make the payments beginning at the end of 2012 and intends to fund the payments from existing pension plan assets. New York Times expects to record a non-cash settlement charge in Q4 of 2012. The actual amount will depend upon the number of participants electing the lump sum payment option, the actual return on plan assets and various actuarial assumptions, including discount rate, long-term rate of return on assets, compensation increases, retirement age and mortality at the remeasurement date, the company said. | |
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| May 20, 2013 | | 11:44 EDT |  | NYT | New York Times CEO says pay wall was great decision, paidContent reports
 Subscribe for More Information | | | May 14, 2013 | | 07:20 EDT |  | NYT | JPMorgan to host a conference
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