Lee delays funding pensions
Lee Enterprises execs just can’t stop giving the finger to employees.
In 2011 — the year the newspaper chain filed for bankrupcy — CEO Mary Junck and Co. got 30%+ raises.
Then in March, Lee’s executive compensation committee decided Junck and CFO Carl Schmidt deserved a total of $750,000 in bonuses for doing their job and refinancing some loans.
Over the weekend, Lee employees received this notice from the company about their Pulitzer Pension Plan: “The employer [Lee] sponsoring your pension plan has made an election permitted under Federal law to delay funding for the plan. The election applies to the plan year beginning on January 1, 2011 and ending on December 31, 2011.” Lee’s union has told members:
What appears to be occurring is that Lee seems to be taking advantage of some delayed-funding mechanism under the law in order to hang onto cash a little longer (gotta find SOME way to pay for those bonuses, right?).
Obviously the Guild is disappointed that the employer would delay fully funding pensions – something our members spent a lifetime earning and something that needs to be there for them at the end of their careers – and wishes they wouldn’t engage in such financial sleight-of-hand but they are within their rights, it appears.
On Monday — shortly after receiving this news — somebody sent me a link to a Lee website about “the downsides of unions.” It states: “We do not believe union representation is necessary, desirable or in the best interest of our employees.”
According to one former employee, the company threatens to fire staffers who even mention union.
* After paying big bonuses, Lee delays funding pensions
* Lee editor threatened to fire me for union talk
* LeeUnionFree.net
Jim: Glad you posted the Lee anti-union site info. Received an email the other day from a Wisconsin Democratic site that claims an organization backing the anti-union propaganda also is a contributor to Scott Walker’s gubernatorial recall campaign. Found that interesting because only a few weeks ago management at the Wisconsin State Journal went holier than thou when it was revealed a few employees signed the Walker recall petitions. Isn’t what is good/right for an employee the same for management? Guess not.
Some of the items listed on Lee’s “Principles for Quality Journalism” page include:
Concentrate on being intensely helpful and useful in everyday coverage, helping people cope with life.
Focus on understanding and serving the needs and wants of the people in its community, including those who are most vulnerable, such as the poor, minorities or elderly.
Maintain a keen, honest eye on government and other forces that may threaten the individual or the community.
The page is at:
http://www.lee.net/aboutlee/principles.shtml
One of the best lines from the movie “The Paper”:
“If you try to make this job about the money, you’ll be nothing but miserable, because we don’t get the money. Never have, never will.”
The New York Times is trying the same stuff. Look: if you’re still in the newspaper business: how in the heck do you think these companies intend to fund their pensions, even if they WANTED to? Do you think the buggy-whip guys were getting their pensions in the 1930′s. Wake up and get out!
Enough already with the tired “buggy whip” metaphor. It’s a cliche, and it’s not apt. Buggy whip manufacturers didn’t transition into being automakers.