Conde Nast Freezes Pensions
Condé Nast has announced it’s freezing its pension plans for its 3,000 employees, Keith Kelly reports.
In exchange, the company is raising its 401(k) match from 25 cents on the dollar to 66 2/3 cents on the buck.
“It allows employees to take greater advantage of their own saving strategy,” a spokeswoman told Kelly.
Condé Nast, of course, cut hundreds of people last year in an effort to cut costs and survive the ad slump/recession/death of print triple whammy that’s hammering every media company.
WORK SMARTER - LEARN, GROW AND BE INSPIRED.
Subscribe today!
To Read the Full Story Become an Adweek+ Subscriber
Already a member? Sign in