Magazine article Editor & Publisher

North Jersey Media Group Ends 401(k) Match at Papers

Magazine article Editor & Publisher

North Jersey Media Group Ends 401(k) Match at Papers

Article excerpt

North Jersey Media Group, which owns The Record of Hackensack, N.J., and the Herald News of West Paterson, N.J., is dropping its 401(k) matching benefit, according to a memo issued by Chairman of the Board Malcolm Borg.

The memo, issued Tuesday, states that the move will save the company about $1.3 million annually and is being done as an alternative to a shorter workweek or a one-week furlough. It will affect about 750 employees.

"Most regrettably, we will be suspending the company's matching contribution to employees' Retirement Savings Plan accounts," the memo, obtained by E&P, reads. "This action will prevent some additional job losses at NJMG and will do so without affecting RSP participants' paychecks."

The memo later states: "We chose to drop the RSP match rather than, as Gannett has done, force our employees to take a one-week furlough without pay. We also did not adopt a 4-day workweek with 4 days' pay or a 5-day workweek with 4 days' pay. …

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