NEW YORK – The News Media Guild advanced a compromise pension proposal Wednesday that would almost completely address Associated Press’ cost saving targets, but the AP rejected the proposal, saying nothing but a defined contribution plan would meet its needs.
The rejection came as hundreds of AP news workers held rallies across the country and even more withheld bylines in support for the union’s quality journalism proposals.
The Guild’s revision to its “fixed cost” pension plan would save AP at least $1.6 million a year. AP had sought savings of about $2 million annually. The Guild’s actuaries said even with the savings, the fixed cost pension plan would still significantly outperform the AP’s proposal.