Newspaper Publisher McClatchy Skips Payment to Some Pensioners

This seems to be payments to former employees who were very highly paid. But note that they say they can’t afford the other pension payments either.

(From Bloomberg)

“This decision is not taken lightly, but at a time when the company is actively negotiating the future of the qualified pension plan (for most employees), it would be inconsistent with our culture to continue payments on the non-qualified plans (usually for highly paid former employees),” Chief Financial Officer Elaine Lintecum said in the statement.

There’s no impact on operations or benefits under McClatchy’s $1.3 billion qualified pension, whose distributions continue, according to the statement.