New York Times Co., New York, made a second-quarter contribution of $87.5 million to “certain” defined benefit plans, according to a news release on the company’s second quarter financial results.
“The company may make additional discretionary contributions to its company-sponsored qualified pension plans in 2010 depending on cash flows, pension asset performance, interest rates and other factors,” the news release said. It did not elaborate.
Abbe Serphos, a company spokeswoman, referred questions to the company’s latest 10-K report, which says in part: “We sponsor several pension plans, participate in The New York Times Newspaper Guild pension plan, a joint company and guild-sponsored plan, and make contributions to several multiemployer pension plans in connection with collective bargaining agreements. These plans cover substantially all employees.”
The company also reported a $6.8 million charge — worth $3.9 million after tax, or 2 cents per share — for a pension withdrawal obligation to a multiemployer plan related to the January 2009 closing of City & Suburban, its retail and newsstand distribution subsidiary, and a curtailment charge resulting from freezing benefits under a defined benefit plan. Details of both charges were not immediately available.
The company announced in November that it would freeze its $856 million DB plan for non-union employees and stop future benefit accruals effective Dec. 31.