Cost of Living Adjustment from Gannett, whoopee

Dateline: Tue 17 Jun 2008

Just so you don't think Gannett is totally without a beating heart, comes a brief explanation of their, ahem, generosity.

Seriously, in fairness, the G-peeps are offering a "cost of living" adjustment to the frozen chosen in the pension plan. As we used to say during the Pulliam era of Christmas/holiday bonuses, "Whoa, you can go buy that suit at Robert Hall." (Gene would typically give $100, then the next paycheck, he'd take out the taxes so your paycheck was considerably downsized. Who says Gannett knows all the tricks?)

Here's the essence of the company's effort to be fair:

"Gannett is offering an annual cost of living adjustment (COLA) to all

employees who are vested in the pension plan but who continue

employment after the August 1, 2008 freeze.

"That means, for example, if an employee has accrued a monthly benefit of $500 as of August 1, but waits, say, 10 years before actually drawing that pension, the employee will get annual COLAs.

"This does offer some protection to the value of the

pension and benefits already accrued.

"What is not yet known is whether the COLA would apply even after an employee separates from Gannett, but still waits until regular retirement age to draw on the pension. It is believed the COLA would stop once the person begins drawing on the pension."

My COLA definitely never kicked in, let alone stopped. Or, if it did, medical insurance ate it all to pieces. Woosh.

As for calling to confirm Gannett HQ in Indy to confirm this story: no need. It's from somebody who knows the drill. Besides, Ali Zoibi won't take my calls!

For other inside info about Gannett, go to

http://www.gannettblog.blogspot.com/

Even writing from Spain, Jim Hopkins has totally owned this story of the pension freeze.

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