Pension News

In the past few days, large companies on Wall Street have been closing left and right, making the people who work at these companies jittery about many issues, including their retirement security.

The good news for these employees is that the money in their pension and 401(k) plans is protected from creditors, so that even when a company goes into bankruptcy, they don’t have to worry about their retirement money being used to pay back debts instead. (more…)

You may have read that last week newspaper publisher Gannett announced that it will freeze its pension plan for all employees as of August 1, 2008. The company announced the freeze and details of its plan to “enhance” the company 401(k) in a memo sent to employees.

Gannett is just one of many employers that we have added to our growing list of companies that have changed their defined benefit plans. (more…)