Tag Archives: defined contribution

AP rejects Guild proposals to improve retirement benefits

The News Media Guild proposed several improvements to the retirement benefits, all of which The Associated Press rejected.

Over two days of bargaining this week, the Guild proposed that defined contribution benefits be applied to all earnings, including overtime, as was the case with the 401(k) program. The AP said it wasn’t interested in improving the plan during a time when it’s already providing an enhancement, referring to the additional 2 percent or 1 percent company contribution that the AP is providing now, based on years of service.

Staffers with 10 years or more of service receive the 2 percent enhancement while those with up to 10 years receive 1 percent. That enhancement ends June 30, 2019.

The Guild also proposed immediate vesting in the defined contribution plan; employees now must wait three years for vesting. The AP said it’s not interested in providing a vesting benefit for employees who may not stay on the job.

The AP now contributes quarterly to the DC plan. Its bargainers refused a proposal from the Guild that the company contribute bi-weekly. Continue reading

Guild proposes language to address short-staffing

The News Media Guild made a revised overall proposal Wednesday that included language to address short-staffing in bureaus across the Associated Press.

The proposed language reads: “Adding additional work for any employee will require a corresponding decrease in the amount of work the employee previously performed.”

AP staffers across the country have been dealing with growing workloads at the same time as employees are leaving the company. Just this week, the Guild learned of three union-covered staffers who are leaving. The proposal would address some quality journalism concerns voiced by employees nationwide. Continue reading

Guild proposes new retirement plan for AP staff

The News Media Guild on Tuesday proposed an alternative defined contribution plan that calls for contributions as high as 15 percent of pay after AP said it would not accept the Guild’s earlier “fixed cost” pension plan proposal. The alternative plan, which saves the company $18 million over five years, was developed by the union’s actuaries as an equitable alternative, resulting from AP’s insistence on freezing the pension plan.  

The AP had set $18 million as its savings target earlier in the talks. Continue reading