Contract 2000
The Guild met with the company for about an hour Friday (Mar. 17) in off-the-record discussions facilitated by Federal Mediator Paul Chabot. No proposals were exchanged.
During the meeting the Guild learned details of changes planned by the Belo Corporation in its pension and 401k plans. The changes have not been offered to the Guild.
As explained to the Guild, the plan would eliminate the current pension plan, and replace it with an enhanced 401k plan. Current employees would have the option of keeping their current plan or switching to the new one. No accrued benefits would be lost.
The new plan would have higher company contributions (a 2-percent base contribution and a 75-percent match on employee contributions up to 6 percent of the employee's income. Of the 75-percent match, 55 percentage points is in Belo stock). While this would mean more 401k money for participants, it would expose them to increased investment market risks.
The Guild has not determined the value of the pension benefits that the plan would replace.
The Guild is seeking additional information on the retirement plans.
The mediator will schedule the next meeting.
The Guild's proposal is available on-line at the PNG web site: Guild proposals.
TNG/CWA Local 31041
270 Westmister St., Providence, Rhode Island 02903
401-421-9466 | Fax: 401-421-9495
png@riguild.org