Wednesday, December 31, 2008

Media company announces employee benefit cuts

The parent company of the Lake County Record-Bee gave employees some not-very-happy holiday news this week, telling them that the company is cutting its matching contributions to the 401(k) retirement plan.

The Denver-based MediaNews Group, which has owned the Record-Bee since 2001, made the announcement in a letter sent to employees' homes last week as well as a memorandum distributed on Monday.

The news comes as employees in Lakeport and around the company await a round of layoffs slated to happen any day, according to sources who have asked not to be identified due to fear of retribution.

Lake County News obtained a copy of the memo, sent Monday by Jim Janiga, senior vice president of human resources for MediaNews Group's California Newspaper Partnership, in which he informs employees that the company's matching contribution to the 401(k) plan will be suspected Jan. 1, 2009, “for an indefinite period of time.”

Janiga added that the suspension will run through all of 2009 but “could possibly be reinstated beginning in 2010.”

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