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GateHouse stops 401(k) contributions
By adamg on Thu, 01/01/2009 - 10:06am
Company CEO delivered the news yesterday - no more contributions until the economy gets better.
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Comments
... and a happy New Year to you, too!
Nothing new here. This is the great revolving benefit of this suburban news chain. When Fidelity owned it, the match was there. Pat Purcell bought the chain and did away with it for a long time. He restored it shortly before he sold the company to the hedge fund-backed GateHouse.
A former, non-GateHouse editor of mine once said, "You can't run a newspaper like a shoe store." Unfortunately, no one in the paneled corporate offices gets that these days, and that's why they can't figure out how to make money anymore.
sadly, employees will barely notice
i can't say this is any great loss for gatehouse employees. When I worked for one of its dailies (before "gatehouse" existed), the company only matched one percent of employee 401k contributions. What's the point? Even more offensive was the zero percent contribution the company made to dental plan premiums. This was three years ago when the economy was good.