St. Paul Newspaper Wants to Freeze Guild Pension Fund

Posted Thursday, November 16, 2006 12:00 am

By: The St. Paul (Minn.) Pioneer Press wants to freeze pension benefits for Newspaper Guild workers because of a projected $22 million pension fund shortfall.

According to court documents and the Minnesota Newspaper Guild Typographical Union, the fund was sufficient to meet federal requirements last year but is projected to go into a deficit this year and be $22 million in the red by 2009.

Dominic Cecere, the attorney representing the newspaper, said the imbalance resulted from issues including the age of the workforce and the fund's investment return. Union lawyer David Krause said he was surprised that the imbalance in the fund "went from zero to millions" in one year.

The Guild, which represents the 450 workers who would be affected by the proposed freeze, opposes the change.

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St. Paul Newspaper Wants to Freeze Guild Pension Fund

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