Daily News Halts 401(k) Contributions
Add another item to the list of last ditch ‘it could be worse’ decisions made by newspapers. Yesterday the New York Daily News told its staffers that it would cease to contribute to its employees’ 401(k) plans. Said CEO Mark Kramer in a memo to staff: “”Unfortunately, this negative trend has continued into 2009. . . We do not know how long the current financial crisis, and the dramatic decline in advertising revenues, will continue.
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