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Horned Frog Athletics
Scott & Wes Frog Fan Forum
FW Star-Telegram Owner Declares Bankruptcy
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<blockquote data-quote="Eight" data-source="post: 2830085" data-attributes="member: 73370"><p>from mcclatchy's 2019 3rd quarter report:</p><p></p><p><a href="http://investors.mcclatchy.com/static-files/400d64d3-dd72-4863-bd92-936d063fabe4" target="_blank">http://investors.mcclatchy.com/static-files/400d64d3-dd72-4863-bd92-936d063fabe4</a></p><p></p><p>"Pension Matters and Potential Restructuring: 4 As previously disclosed, the company submitted an application for a waiver of the minimum required contributions to its defined benefit pension plan (the plan) with the Internal Revenue Service (IRS) for plan years 2019, 2020 and 2021. As of March 31, 2019, the latest measurement date of the plan, it held assets of $1.32 billion, of which approximately $580 million came from voluntary contributions made by McClatchy over and above the minimum required contributions. Still the plan was underfunded by approximately $535 million as of March 31, 2019, with approximately $124 million of contributions due over the course of 2020. The amount due greatly exceeds the company’s anticipated cash balances and cash flow given the size of its operations relative to the obligations due, and creates a significant liquidity challenge in 2020. The IRS has declined to grant the company’s three-year waiver request. Management continues to explore other means of pension relief including working productively with many members of Congress in search of legislative relief that would mitigate the burden of the minimum required contributions. The company and its advisors are exploring all available options to address these liquidity pressures. Forman said,<strong> “We are working hard to find solutions for the company and its more than 24,000 pensioners. We have voluntarily contributed nearly 44% of the existing assets in the plan rather than limiting company contributions to the minimum amounts required to be contributed by law. But our current workforce of nearly 2,800 employees represents about one in ten pensioners.</strong> Those who joined the company in the last 10 years do not participate in a plan they are working to support, one that was frozen to new participants in 2009."</p><p></p><p>most likely the plan has been underfunded for years if not a couple of decades, i would imagine the market issues in the late 2000's wreaked havoc on a bad situation, and they are dealing with the responsibility of making good on a commitment to a number of former employees for a retirement plan that is/was 75 years old.</p></blockquote><p></p>
[QUOTE="Eight, post: 2830085, member: 73370"] from mcclatchy's 2019 3rd quarter report: [URL]http://investors.mcclatchy.com/static-files/400d64d3-dd72-4863-bd92-936d063fabe4[/URL] "Pension Matters and Potential Restructuring: 4 As previously disclosed, the company submitted an application for a waiver of the minimum required contributions to its defined benefit pension plan (the plan) with the Internal Revenue Service (IRS) for plan years 2019, 2020 and 2021. As of March 31, 2019, the latest measurement date of the plan, it held assets of $1.32 billion, of which approximately $580 million came from voluntary contributions made by McClatchy over and above the minimum required contributions. Still the plan was underfunded by approximately $535 million as of March 31, 2019, with approximately $124 million of contributions due over the course of 2020. The amount due greatly exceeds the company’s anticipated cash balances and cash flow given the size of its operations relative to the obligations due, and creates a significant liquidity challenge in 2020. The IRS has declined to grant the company’s three-year waiver request. Management continues to explore other means of pension relief including working productively with many members of Congress in search of legislative relief that would mitigate the burden of the minimum required contributions. The company and its advisors are exploring all available options to address these liquidity pressures. Forman said,[B] “We are working hard to find solutions for the company and its more than 24,000 pensioners. We have voluntarily contributed nearly 44% of the existing assets in the plan rather than limiting company contributions to the minimum amounts required to be contributed by law. But our current workforce of nearly 2,800 employees represents about one in ten pensioners.[/B] Those who joined the company in the last 10 years do not participate in a plan they are working to support, one that was frozen to new participants in 2009." most likely the plan has been underfunded for years if not a couple of decades, i would imagine the market issues in the late 2000's wreaked havoc on a bad situation, and they are dealing with the responsibility of making good on a commitment to a number of former employees for a retirement plan that is/was 75 years old. [/QUOTE]
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FW Star-Telegram Owner Declares Bankruptcy
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