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Gannett freezes employee pensions

Discussion in 'Journalism topics only' started by StaggerLee, Jun 11, 2008.

  1. mustangj17

    mustangj17 Active Member

    Company stock could be a great thing... just not for journalists. Imagine if you worked for Microsoft or Google when they hit it big that stock could have netted you a lot of money for retirement or what have you.
     
  2. pseudo

    pseudo Well-Known Member

    Yeah, that didn't work out so well for all the people I knew at Adelphia, either.
     
  3. Joe Williams

    Joe Williams Well-Known Member

    Look on the bright side: If the stock price continues to slip, you're going to be getting one hell of a lot of shares in that match mechanism. ;D
     
  4. BrianGriffin

    BrianGriffin Active Member

    I know people who did really well with stock options at Home Depot.

    Of course, there are extremes. For every Microsoft, there's an Enron, I'd imagine.
     
  5. Colton

    Colton Active Member

    At CNHI, at least at my shop, all we have is 401K. Thank God, there's been no mention of company stock. Blech.

    Did take a five grand hit in my 401K last quarter, though. Ouch.
     
  6. Human_Paraquat

    Human_Paraquat Well-Known Member

    The memo says the change will affect most of the company's employees. However, there are many Gannett employees (myself included) who are not yet vested and therefore are not affected. In fact, for us, the 401K change is a good thing (an employee currently contributing 6 percent can cut that by 1 percent and come out 1 percent ahead of their current plan).

    From a business standpoint, this does seems smarter than buyouts. This way you only have to give departing employees the money that is already coming to them. Correct me if I'm wrong, but aren't a lot of industries going away from the pension model altogether? I seem to remember hearing something about the auto industry having a problem with those.
     
  7. slappy4428

    slappy4428 Active Member

    Damn how long have you been working there to amass that kind of coin on a CNHI salary...
     
  8. Simon_Cowbell

    Simon_Cowbell Active Member

    The smoking gun line proving Gannett is lying

    "- This is a large improvement in the 401(k) match"

    Why would you put that in there, unless you were pulling a fast one?
     
  9. dixiehack

    dixiehack Well-Known Member

    So Gannett will be issuing more stock, and providing the perfect conditions for people to dump that stock en masse at four set times each year. That's a formula for driving the stock price even further down, leading to more layoffs, cutbacks, etc. Some real financial wizes there, I tell ya.
     
  10. longgone

    longgone Member

    Very typical of the illustrious folks at Gannett. Glad I left them behind long ago.
     
  11. Born to Run

    Born to Run Member

    I think this is the way things are heading in many industries.
    Gannett stock will probably rebound some (eventually), but it won't make you rich. It does put the onus on personal savings, like the Roth IRA and putting as much as you can in the 401(k).

    Let's face it, newspaper pensions weren't going to be enough to live on anyway.
     
  12. IGotQuestions

    IGotQuestions Member

    I'd strongly advise putting in the bare minimum, if anything at all, into Gannett's 401(k) and doing what someone else suggested: open a Roth IRA. And once you're maxing that ($5,000 this year), open another stock fund of some kind.
     
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