Profits on the backs of the working class, those...wait, what? It's the Washington Post? How can that be?
The Washington Post announced large cuts in retirement benefits on Tuesday, declaring that it would eliminate future retirement medical benefits and freeze defined-benefit pensions for nonunion employees.
And in negotiations that began yesterday with their union, they've made clear that they intend to do the same with those employees. Staff with 401(k) plans will see employer contributions drop from 5% to 1%, among other changes.
The changes will hit hardest at employees hired before 2009 who could plan on receiving pension payments based on their income and years of service. Each of those employees could see scores — or hundreds — of thousands of dollars less over the course of a retirement.
Staff will now largely have to take responsibility for managing and contributing to their own retirement plans - and that now includes purchasing their own health insurance plans after retirement. It comes as no surprise that the local union is highly upset over the impending changes, despite the fact that most of the rest of us have been doing this for years.
I blame the Koch brothers. And Bush.