Journal Communications Bringing Back 401K Contributions
October 15, 2010 at 3:18 AM (PT)
JOURNAL COMMUNICATIONS will resume making a contribution to employee 401(k) plans, which it had ended in FEBRUARY 2009. Beginning JANUARY 1, 2011, the Company will offer enhanced 401(k) matching contributions. In addition, also effective JANUARY 1st, "retirement plans have been amended such that benefit accruals in the current Pension Plan and the Supplemental Benefit Plan (SERP) will be permanently frozen and the Annual Employer Contribution (AEC) will no longer be a component of the 401(k) Plan."
Starting in 2011, JOURNAL COMMUNICATIONS will match $0.50 on every dollar up to 7% of eligible pay for a maximum match of 3.5%. The prior match was $0.50 on every dollar up to 5% of eligible wages for a maximum match of 2.5%.
"We believe this decision allows us to maintain our financial flexibility while still offering a solid retirement benefit," said Chairman/Pres./CEO STEVEN J. SMITH. "Enhancing our 401(k) matching contributions will help us recruit and retain talented people as competitive 401(k) plans are a valued benefit in today's workplace."