The memo, from VP of Human Resources Charles Kamen, says MediaNews will suspend its contributions to employee 401k plans for the whole of 2009, with the hope that contributions will resume in 2010. Here's the relevant passage:
In an effort to operate our business as cost effectively as possible, the Company has made the decision to suspend all Company contributions and matches to the 401k Plan for 2009.*The Dec. 24th memo was posted on walls and doors inside the Daily Breeze office today. Checking to see if other LANGers got the news in a similarly indirect manner.
With you support and continued efforts, I am hopeful that we can resume the Company contributions in 2010.
**UPDATE: The memo were indeed posted in other newsrooms. I'm also told the decision to eliminate the contribution only affects non-unionized employees, since the union contract mandates a match.