New York Times Co., New York, will freeze its defined benefit pension plan for non-union employees and stop future benefit accruals, effective Dec. 31, confirmed New York Times spokeswoman Abbe Serphos.
The company also will increase employer contributions in cash equal to 3% of pay for its 401(k) supplemental retirement and investment plan.
It also approved the freeze of the supplemental executive retirement plan, a non-qualified defined benefit plan.
“The accrued benefits under this supplemental benefit plan will, like the benefits under the pension plan, be determined and frozen based on eligible earnings through Dec. 31, 2009,” according to the SEC filing.
The pension plan was valued at $856 million as of June 30, and the 401(k) plan, $393 million as of March 31, according to the Money Market Directory.