Yesterday, Si Newhouse told the 3,000 employees at Condé Nast that their pension plans would be frozen starting July 1. Last year, the pension plans were stopped for new hires and the crediting of additional years of service for existing employees was suspended, but now all pensions are stuck where they are at. The company compensated by more than doubling their matching amounts to employee 401(k) contributions. That a magazine company is cutting back on major expenditures still shouldn’t surprise some people, but the fact that they were still providing pensions in the first place certainly might. [NYP]
