Tuesday, February 23, 2010

Pension underfunding now put near $420 million

The New York Times Co. had unfunded pension obligations estimated at $420 million as of Jan 1, Editor & Publisher says in a new story, based on the company's just-filed 10-K annual report to the U.S. Securities and Exchange Commission.

That was an improvement over the $535 underfunding a year ago -- a figure that doesn't reflect temporary valuation relief then allowed by the U.S. Treasury Department, the report says. With that relief, the underfunding would have been a lower $300 million, notes E&P.

I hope to post something on the pension myself, but I'm still sifting through the dense language in the report.

A cautionary note
I am by no means an expert on pensions. The subject's complexity is reflected in the fact that the word pension appears at least 100 times in the annual report. Employees and retirees who are concerned about their benefits should consult an accountant or other retirement professional. My observations here are meant only to start a discussion on the subject.

Earlier: Overall Times Co. employment fell 18% in 2009

Related: a company video I just discovered about the NYT Co. brand

Current and retired Times Co. financial professionals, please post your replies in the comments section, below. To e-mail confidentially, write jimhopkins[at]gmail[dot-com]; see Tipsters Anonymous Policy in the rail, upper right.

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