Gannett U.S. Community Publishing president Bob Dickey tells employees: “This offer was designed to be as attractive as or better than others in the industry. The Early Retirement Opportunity Program also is the first offered by Gannett since 2008. The offer provides for salary continuation of two weeks’ pay for each complete year of service, capped at 52 weeks, and ongoing health, dental and vision coverage during this period.” Read his “confidential” letter after the jump.
TO: U.S.C.P. Employees
FR: U.S. Community Publishing President Bob Dickey
RE: Voluntary Early Retirement Opportunity Program
Today we are offering a voluntary Early Retirement Opportunity Program to 665 eligible U.S. Community Publishing employees who are age 56 with at least 20 years of service, as of March 31, 2012, and who are in certain departments and/or job categories. Eligibility by department or job category varies by each operating unit depending on its needs.
This offer was designed to be as attractive as or better than others in the industry. The Early Retirement Opportunity Program also is the first offered by Gannett since 2008. The offer provides for salary continuation of two weeks’ pay for each complete year of service, capped at 52 weeks, and ongoing health, dental and vision coverage during this period.
Employees who are eligible will have 45 days to accept. At the close of the offer period, Gannett will review acceptances and make final decisions based on the terms of the offer.
As mentioned – the program is completely voluntary for these valued, long-term employees. They have helped steer a strong and steady course for the company for many years, including through recent challenging economic times, and their work is deeply appreciated.
It’s worth noting that while 785 employees meet the criteria, the offer is being offered to 665 employees due to ongoing operational needs at the company. The offer is for U.S. Community Publishing employees only.
The Early Retirement Opportunity Program is one part of our ongoing strategy to transform the company with a focus on remaining the top news and information provider in your market. To accomplish this, it entails a ground-up assessment of our overall structure and resources. At this time we are offering this program instead of pursuing other cost management actions but we cannot rule out other actions in the future.
Please look for a separate letter today from your publisher, who will provide more details about this program and your location.
If you have any questions feel free to contact me or your publisher.
Bob Dickey President/U.S. Community Publishing