Independent News & Media, Dublin will contribute an additional €50 million ($57 million) to its defined contribution plan by 2023 after it reached an agreement with trustees to terminate two pension funds, the firm said in a statement Friday.
Participants in the Independent Newspapers (Ireland) Ltd. Contributory Pension Plan and Independent Newspapers Management Services, under the new agreement, will have their assets moved to individual accounts in the DC plan. The sizes of the two pension funds and the DC plan, and number of participants could not be learned by press time.
INM agreed to make further supplementary contributions to ensure each participant's accrued pension savings is no lower than it was as of 2013 and to make additional contributions for those over the age of 62, it said in a news release.
By 2023, INM plans to have invested €115 million in all of its retirement plans, with the total of €70 million to be contributed to participants who had been in the defined benefit plans.
An INM spokesman declined to provide further details by press time.