Adjustable Pension Plan wins IRS okay for Times employees
The Guild is very pleased to announce that the Internal Revenue Service has issued a favorable determination letter for the Guild-Times Adjustable Pension Plan (APP).
The letter dated June 18, 2014, which was transmitted by the IRS to the Board of Trustees this afternoon, puts the crowning touch on the many months of hard work by the Guild, its actuaries, the Communications Workers of America (our parent union), the Fund’s attorneys for both the Guild and The Times, as well as Times management.
“This means that our Guild members at The Times will continue to be covered by a defined benefit pension plan, adding to their retirement security with a monthly payment for life,” said New York Guild President Bill O’Meara, who led the negotiations with The Times that created the APP.
“Awesome news!” said Times Unit Chairperson Grant Glickson upon hearing that the IRS gave the plan its okay. O’Meara and Glickson both serve as Trustees on the APP, along with Mindy Matthews (News) and Guild Secretary-Treasurer Peter Szekely.
We will have more information about how the process will move forward in the near future.