Pension Benefits

We sponsor several single-employer defined benefit pension plans, the majority of which have been frozen; participate in joint Company and Guild-sponsored plans, The New York Times Newspaper Guild pension plan, which has been frozen, and a new defined benefit plan, subject to the approval of the Internal Revenue Service; and make contributions to several multiemployer pension plans in connection with collective bargaining agreements. These plans cover the majority of our employees.

Single-Employer Plans

Our Company-sponsored defined benefit pension plans include qualified plans (funded) as well as non-qualified plans (unfunded). These plans provide participating employees with retirement benefits in accordance with benefit formulas detailed in each plan. All of our non-qualified plans, which provide enhanced retirement benefits to select employees, are currently frozen, except for a foreign-based pension plan discussed below. The New York Times Newspaper Guild pension plan is a qualified plan and is included in the tables below.

We also have a foreign-based pension plan for certain employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation.

Net Periodic Pension Cost

The components of net periodic pension cost were as follows:



	December 29, 2013								December 30, 2012								December 25, 2011
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Components of net periodic pension cost
Service cost	$	11,225		$	1,162	$	12,387		$	11,903		$	1,656	$	13,559		$	12,079		$	1,660	$	13,739
Interest cost	77,136			10,681		87,817			94,113			12,635		106,748			98,206			13,112		111,318
Expected return on plan assets	(124,250		)	—		(124,250		)	(118,551		)	—		(118,551		)	(111,813		)	—		(111,813		)
Recognized actuarial loss	33,770			5,247		39,017			33,323			4,489		37,812			25,007			3,053		28,060
Amortization of prior service (credit)/cost	(1,945		)	—		(1,945		)	574			—		574			803			—		803
Effect of settlement	—			3,228		3,228			47,657			—		47,657			—			—		—
Effect of special termination benefits	—			314		314			—			—		—			—			—		—
Effect of sale of Regional Media Group	—			—		—			(5,097		)	—		(5,097		)	—			—		—
Net periodic pension cost	$	(4,064	)	$	20,632	$	16,568		$	63,922		$	18,780	$	82,702		$	24,282		$	17,825	$	42,107

As part of our strategy to reduce the pension obligations and the resulting volatility of our overall financial condition, during 2013 and 2012, we offered one-time lump-sum payments to certain former employees. The lump-sum payment offers each resulted in settlement charges due to the acceleration of the recognition of the accumulated unrecognized actuarial loss. Therefore, we recorded non-cash settlement charges of $3.2 million and $47.7 million in connection with lump-sum payments made in the fourth quarters of 2013 and 2012, respectively. Total lump-sum payments were approximately $11 million and $112 million in 2013 and 2012, respectively. The 2012 lump-sum payments were made out of the existing assets of The New York Times Companies Pension Plan and the 2013 payments were made out of Company cash.

Following ratification of an amendment to a collective bargaining agreement covering the employees in The New York Times Newspaper Guild, in the fourth quarter of 2012, we amended The New York Times Newspaper Guild pension plan to freeze benefit accruals for participating employees. We adopted a new defined benefit pension plan for these employees, subject to Internal Revenue Service approval. The amendment to The New York Times Newspaper Guild pension plan resulted in a reduction of the projected benefit obligation and underfunded status of the plan by approximately $32 million. This amount is recognized within “Accumulated other comprehensive loss” in our Consolidated Balance Sheet as of December 30, 2012.

Other changes in plan assets and benefit obligations recognized in other comprehensive income/loss were as follows:



(In thousands)	December 29, 2013			December 30, 2012			December 25, 2011
Net actuarial (gain)/loss	$	(178,088	)	$	96,551		$	246,672
Prior service credit	—			(31,839		)	—
Amortization of loss	(39,017		)	(37,813		)	(28,060		)
Amortization of prior service cost	1,945			(574		)	(803		)
Effect of settlement	(3,358		)	(47,657		)	—
Total recognized in other comprehensive (income)/loss	(218,518		)	(21,332		)	217,809
Net periodic pension cost	16,568			82,702			42,107
Total recognized in net periodic benefit cost and other comprehensive loss	$	(201,950	)	$	61,370		$	259,916

The estimated actuarial loss and prior service credit that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year is approximately $31 million and $2 million, respectively.

The amount of cost recognized for defined contribution benefit plans was approximately $18 million for 2013 and 2012 and $23 million for 2011.

Benefit Obligation and Plan Assets

The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive income/(loss) were as follows:



	December 29, 2013									December 30, 2012
(In thousands)	Qualified Plans			Non- Qualified Plans			All Plans			Qualified Plans			Non- Qualified Plans			All Plans
Change in benefit obligation
Benefit obligation at beginning of year	$	1,965,406		$	299,265		$	2,264,671		$	1,943,882		$	273,542		$	2,217,424
Service cost	11,225			1,162			12,387			11,903			1,656			13,559
Interest cost	77,136			10,681			87,817			94,113			12,635			106,748
Plan participants’ contributions	26			—			26			32			—			32
Amendments	—			—			—			(31,839		)	—			(31,839		)
Actuarial (gain)/loss	(161,348		)	(18,960		)	(180,308		)	162,569			32,803			195,372
Lump-sum settlement paid	—			(10,667		)	(10,667		)	(112,404		)	—			(112,404		)
Benefits paid	(113,798		)	(19,149		)	(132,947		)	(89,340		)	(21,412		)	(110,752		)
Effect of sale of Regional Media Group	—			—			—			(13,510		)	—			(13,510		)
Effects of change in currency conversion	—			169			169			—			41			41
Benefit obligation at end of year	1,778,647			262,501			2,041,148			1,965,406			299,265			2,264,671
Change in plan assets
Fair value of plan assets at beginning of year	1,615,723			—			1,615,723			1,464,729			—			1,464,729
Actual return on plan assets	122,030			—			122,030			217,371			—			217,371
Employer contributions	74,110			29,999			104,109			143,748			21,412			165,160
Plan participants’ contributions	26			—			26			32			—			32
Lump-sum settlement paid	—			(10,667		)	(10,667		)	(112,404		)	—			(112,404		)
Benefits paid	(113,798		)	(19,149		)	(132,947		)	(89,340		)	(21,412		)	(110,752		)
Effect of sale of Regional Media Group	—			—			—			(8,413		)	—			(8,413		)
Effect of change in currency conversion	—			(183		)	(183		)	—			—			—
Fair value of plan assets at end of year	1,698,091			—			1,698,091			1,615,723			—			1,615,723
Net amount recognized	$	(80,556	)	$	(262,501	)	$	(343,057	)	$	(349,683	)	$	(299,265	)	$	(648,948	)
Amount recognized in the Consolidated Balance Sheets
Current liabilities	$	—		$	(17,903	)	$	(17,903	)	$	—		$	(19,586	)	$	(19,586	)
Noncurrent liabilities	(80,556		)	(244,598		)	(325,154		)	(349,683		)	(279,679		)	(629,362		)
Net amount recognized	$	(80,556	)	$	(262,501	)	$	(343,057	)	$	(349,683	)	$	(299,265	)	$	(648,948	)
Amount recognized in accumulated other comprehensive loss
Actuarial loss	$	662,293		$	97,436		$	759,729		$	855,191		$	125,002		$	980,193
Prior service (credit)/cost	(28,510		)	—			(28,510		)	(30,454		)	—			(30,454		)
Total	$	633,783		$	97,436		$	731,219		$	824,737		$	125,002		$	949,739

The accumulated benefit obligation for all pension plans was $2.03 billion and $2.26 billion as of December 29, 2013 and December 30, 2012, respectively.

Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows:



(In thousands)	December 29, 2013		December 30, 2012
Projected benefit obligation	$	2,041,148	$	2,264,671
Accumulated benefit obligation	$	2,034,145	$	2,255,135
Fair value of plan assets	$	1,698,091	$	1,615,723

Assumptions

Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows:



(Percent)	December 29, 2013		December 30, 2012
Discount rate	4.90	%	4.00	%
Rate of increase in compensation levels	2.55	%	3.00	%

The rate of increase in compensation levels is applicable only for qualified pension plans that have not been frozen.

Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for qualified plans were as follows:



(Percent)	December 29, 2013		December 30, 2012		December 25, 2011
Discount rate	4.00	%	5.05	%	5.60	%
Rate of increase in compensation levels	3.50	%	3.00	%	4.00	%
Expected long-term rate of return on assets	7.85	%	8.00	%	8.25	%

Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows:



(Percent)	December 29, 2013		December 30, 2012
Discount rate	4.60	%	3.70	%
Rate of increase in compensation levels	2.50	%	3.50	%

The rate of increase in compensation levels is applicable only for the non-qualified pension plans that have not been frozen.

Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for non-qualified plans were as follows:



(Percent)	December 29, 2013		December 30, 2012		December 25, 2011
Discount rate	3.70	%	4.80	%	5.45	%
Rate of increase in compensation levels	3.00	%	3.50	%	3.50	%

We determined our discount rate using a Ryan ALM, Inc. Curve (the “Ryan Curve”). The Ryan Curve provides the bonds included in the curve and allows adjustments for certain outliers (e.g., bonds on “watch”). We believe the Ryan Curve allows us to calculate an appropriate discount rate.

To determine our discount rate, we project a cash flow based on annual accrued benefits. For active participants, the benefits under the respective pension plans are projected to the date of termination. The projected plan cash flow is discounted to the measurement date, which is the last day of our fiscal year, using the annual spot rates provided in the Ryan Curve. A single discount rate is then computed so that the present value of the benefit cash flow equals the present value computed using the Ryan Curve rates.

In determining the expected long-term rate of return on assets, we evaluated input from our investment consultants, actuaries and investment management firms, including our review of asset class return expectations, as well as long-term historical asset class returns. Projected returns by such consultants and economists are based on broad equity and bond indices. Our objective is to select an average rate of earnings expected on existing plan assets and expected contributions to the plan during the year.

The value (“market-related value”) of plan assets is multiplied by the expected long-term rate of return on assets to compute the expected return on plan assets, a component of net periodic pension cost. The market-related value of plan assets is a calculated value that recognizes changes in fair value over three years.

Plan Assets

Company-Sponsored Pension Plans

The assets underlying the Company-sponsored qualified pension plans are managed by professional investment managers. These investment managers are selected and monitored by the pension investment committee, composed of certain senior executives, who are appointed by the Finance Committee of the Board of Directors of the Company. The Finance Committee is responsible for adopting our investment policy, which includes rules regarding the selection and retention of qualified advisors and investment managers. The pension investment committee is responsible for implementing and monitoring compliance with our investment policy, selecting and monitoring investment managers and communicating the investment guidelines and performance objectives to the investment managers.

Our contributions are made on a basis determined by the actuaries in accordance with the funding requirements and limitations of the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue Code.

Investment Policy and Strategy

The primary long-term investment objective is to allocate assets in a manner that produces a total rate of return that meets or exceeds the growth of our pension liabilities. Our plan objective is to transition the asset mix to hedge liabilities and minimize volatility in the funded status of the plans.

Asset Allocation Guidelines

In accordance with our asset allocation strategy, for substantially all of our Company-sponsored pension plan assets, investments are categorized into long duration fixed income investments whose value is highly correlated to that of the pension plan obligations (“Long Duration Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in our pension plan obligations (“Return-Seeking Assets”).

The proportional allocation of assets between Long Duration Assets and Return-Seeking Assets is dependent on the funded status of each pension plan. Under our policy, for example, a funded status of 95% to 97.5% requires an allocation of total assets of 62% to 72% to Long Duration Assets and 28% to 38% to Return-Seeking Assets. As our funded status increases, the allocation to Long Duration Assets will increase and the allocation to Return-Seeking Assets will decrease.

The following asset allocation guidelines apply to the Return-Seeking Assets:



Asset Category	Percentage Range
Public Equity	70%	-	90	%
Growth Fixed Income	0%	-	15	%
Alternatives	0%	-	15	%
Cash	0%	-	10	%

The asset allocations of our Company-sponsored pension plans by asset category for both Long Duration and Return-Seeking Assets, as of December 29, 2013, were as follows:



Asset Category	Percentage
Public Equity	27	%
Fixed Income	69	%
Alternatives	4	%
Cash	—	%

The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the pension investment committee. The pension investment committee may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the pension plan assets.

Fair Value of Plan Assets

The fair value of the assets underlying our Company-sponsored qualified pension plans and The New York Times Newspaper Guild pension plan by asset category are as follows:



	Fair Value Measurement at December 29, 2013
(In thousands)	Quoted Prices Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs
Asset Category	(Level 1)		(Level 2)		(Level 3)		Total
Equity Securities:
U.S. Equities	$	36,920	$	—	$	—	$	36,920
International Equities	75,606		—		—		75,606
Common/Collective Funds⁽¹⁾	—		581,553		—		581,553
Fixed Income Securities:
Corporate Bonds	—		594,667		—		594,667
U.S. Treasury and Other Government Securities	—		183,700		—		183,700
Group Annuity Contract	—		72,663		—		72,663
Municipal and Provincial Bonds	—		41,729		—		41,729
Government Sponsored Enterprises⁽²⁾	—		4,738		—		4,738
Other	—		29,115		—		29,115
Cash and Cash Equivalents			6,538		—		6,538
Private Equity	—		—		40,537		40,537
Hedge Fund	—		—		30,325		30,325
Assets at Fair Value	$	112,526	$	1,514,703	$	70,862	$	1,698,091
Other Assets							—
Total							$	1,698,091


(1)	The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the net asset value of the underlying funds.


(2)	Represents investments that are not backed by the full faith and credit of the United States government.



	Fair Value Measurement at December 30, 2012
(In thousands)	Quoted Prices Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs
Asset Category	(Level 1)		(Level 2)		(Level 3)		Total
Equity Securities:
U.S. Equities	$	193,489	$	—	$	—	$	193,489
International Equities	87,273		—		—		87,273
Common/Collective Funds⁽¹⁾	—		678,449		—		678,449
Fixed Income Securities:
Corporate Bonds	—		383,483		—		383,483
U.S. Treasury and Other Government Securities	—		91,122		—		91,122
Insurance Contracts	—		44,511		—		44,511
Municipal and Provincial Bonds	—		22,192		—		22,192
Government Sponsored Enterprises⁽²⁾	—		19,115		—		19,115
Other	—		10,847		—		10,847
Cash and Cash Equivalents	—		16,427		—		16,427
Private Equity	—		—		36,011		36,011
Hedge Fund	—		—		26,370		26,370
Assets at Fair Value	$	280,762	$	1,266,146	$	62,381	$	1,609,289
Other Assets							6,434
Total							$	1,615,723


(1)	The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the net asset value of the underlying funds.


(2)	Represents investments that are not backed by the full faith and credit of the United States government.

Level 1 and Level 2 Investments

Where quoted prices are available in an active market for identical assets, such as equity securities traded on an exchange, transactions for the asset occur with such frequency that the pricing information is available on an ongoing/daily basis. We, therefore, classify these types of investments as Level 1 where the fair value represents the closing/last trade price for these particular securities.

For our investments where pricing data may not be readily available, fair values are estimated by using quoted prices for similar assets, in both active and not active markets, and observable inputs, other than quoted prices, such as interest rates and credit risk. We classify these types of investments as Level 2 because we are able to reasonably estimate the fair value through inputs that are observable, either directly or indirectly. There are no restrictions on our ability to sell any of our Level 1 and Level 2 investments.

Level 3 Investments

We have investments in private equity funds and a hedge fund as of December 29, 2013 and December 30, 2012 and a hedge fund of funds as of December 30, 2012 that have been determined to be Level 3 investments, within the fair value hierarchy, because the inputs to determine fair value are considered unobservable.

The general valuation methodology used for the private equity and hedge fund of funds is the market approach. The market approach utilizes prices and other relevant information such as similar market transactions, type of security, size of the position, degree of liquidity, restrictions on the disposition, latest round of financing data, current financial position and operating results, among other factors.

As a result of the inherent limitations related to the valuations of the Level 3 investments, due to the unobservable inputs of the underlying funds, the estimated fair value may differ significantly from the values that would have been used had a market for those investments existed.

The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) as of December 29, 2013 is as follows:



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(In thousands)	Hedge Fund		Private Equity			Total
Balance at beginning of year	$	26,370	$	36,011		$	62,381
Actual gain/(loss) on plan assets:
Relating to assets still held	3,955		6,169			10,124
Capital contribution	—		3,018			3,018
Return of Capital	—		(4,661		)	(4,661		)
Balance at end of year	$	30,325	$	40,537		$	70,862

The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) as of December 30, 2012 is as follows:



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(In thousands)	Real Estate		Private Equity			Total
Balance at beginning of year	$	—	$	37,393		$	37,393
Actual gain on plan assets:
Relating to assets still held	1,370		(1,736		)	(366		)
Capital contribution	25,000		3,737			28,737
Return of Capital	—		(3,383		)	(3,383		)
Balance at end of year	$	26,370	$	36,011		$	62,381

Cash Flows

We made contributions of approximately $144 million to certain qualified pension plans in 2012. The majority of these contributions were discretionary. In January 2013, we made a contribution of approximately $57 million to the New York Times Newspaper Guild pension plan, of which $20 million was estimated to be necessary to satisfy minimum funding requirements in 2013. Mandatory contributions to other qualified pension plans increased our total contributions to approximately $74 million for the full year of 2013. We expect contributions to total approximately $16 million to satisfy minimum funding requirements in 2014.

The following benefit payments under our pension plans, which reflect expected future services for plans that have not been frozen, are expected to be paid:



	Plans
(In thousands)	Qualified		Non- Qualified		Total
2014	$	99,747	$	18,271	$	118,018
2015	101,704		18,315		120,019
2016	103,648		18,743		122,391
2017	106,149		18,646		124,795
2018	108,206		18,795		127,001
2019-2023	578,124		92,828		670,952

Multiemployer Plans

We contribute to a number of multiemployer defined benefit pension plans under the terms of various collective bargaining agreements that cover our union-represented employees. Over the past few years, certain events, such as amendments to various collective bargaining agreements and the sales of the New England Media Group and the Regional Media Group, resulted in withdrawals from multiemployer pension plans. These actions, along with a reduction in covered employees, have resulted in us estimating withdrawal liabilities to the respective plans for our proportionate share of any unfunded vested benefits. We recorded an estimated charge for multiemployer pension plan withdrawal obligations of $14.2 million in 2013, which includes $8.0 million directly related to the sale of the New England Media Group, and $4.2 million in 2011. There were nominal charges in 2012 for withdrawal obligations related to our multiemployer pension plans. Our multiemployer pension plan withdrawal liability was approximately $119 million as of December 29, 2013 and approximately $109 million as of December 30, 2012. This liability represents the present value of the obligations related to complete and partial withdrawals from certain plans as well as an estimate of future partial withdrawals that we considered probable and reasonably estimable. For the plans that have yet to provide us with a demand letter, the actual liability will not be fully known until those plans complete a final assessment of the withdrawal liability and issue a demand to us. Therefore, the estimate of our multiemployer pension plan liability will be adjusted as more information becomes available that allows us to refine our estimates.

The risks of participating in multiemployer plans are different from single-employer plans in the following aspects:


•	Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.


•	If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.


•	If we choose to stop participating in some multiemployer pension plans, we may be required to pay those plans an amount based on the underfunded status of the plan (a withdrawal liability).

Our participation in significant plans for the fiscal period ended December 29, 2013, is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The zone status is based on the latest information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that are required to pay a surcharge in excess of regular contributions. The last column lists the expiration date(s) of the collective bargaining agreement(s) to which the plans are subject.



	EIN/Pension Plan Number	Pension Protection Act Zone Status		FIP/RP Status Pending/Implemented	(In thousands)Contributions of the Company						Surcharge Imposed	Collective Bargaining Agreement Expiration Date
Pension Fund	EIN/Pension Plan Number	2013	2012	FIP/RP Status Pending/Implemented	2013		2012		2011		Surcharge Imposed	Collective Bargaining Agreement Expiration Date
CWA/ITU Negotiated Pension Plan	13-6212879-001	Red as of 1/01/13	Red as of 1/01/12	Implemented	$	663	$	646	$	776	Yes	3/30/2016	(1)
Newspaper and Mail Deliverers’-Publishers’ Pension Fund	13-6122251-001	Yellow as of 6/01/13	Yellow as of 6/01/12	Implemented	1,217		1,101		1,298		No	3/30/2020	(2)
GCIU-Employer Retirement Benefit Plan	91-6024903-001	Red as of 1/01/13	Red as of 1/01/12	Implemented	124		114		116		Yes	3/30/2017	(3)
Pressmen’s Publishers’ Pension Fund	13-6121627-001	Green as of 4/01/13	Green as of 4/01/12	N/A	1,016		1,037		1,113		No	3/30/2017	(4)
Paper-Handlers’-Publishers’ Pension Fund	13-6104795-001	Green as of 4/01/13	Green as of 4/01/12	N/A	114		121		153		No	3/30/2014	(5)
Contributions for individually significant plans					$	3,134	$	3,019	$	3,456
Contributions to other multiemployer plans					945		2,503		2,296
Total Contributions					$	4,079	$	5,522	$	5,752


(1)	There are two collective bargaining agreements (Mailers and Typographers) requiring contributions to this plan, which both expire March 30, 2016.


(2)	Elections under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010: Extended Amortization of Net Investment Losses (IRS Section 431(b)(8)(A)) and the Expanded Smoothing Period (IRS Section 431(b)(8)(B)).

(3)

We previously had two collective bargaining agreements requiring contributions to this plan. With the sale of the New England Media Group only one collective bargaining agreement remains for the Stereotypers, which expires March 30, 2017. The method for calculating actuarial value of assets was changed retroactive to January 1, 2009, as elected by the Board of Trustees and as permitted by IRS Notice 2010-83. This election includes smoothing 2008 investment losses over ten years and widening the asset corridor to 130% of market value of assets for 2009 and 2010.

(4)

The Plan sponsor elected two provisions of funding relief under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010) to more slowly absorb the 2008 plan year investment loss, retroactively effective as of April 1, 2009. These included extended amortization under the prospective method and 10-year smoothing of the asset loss for the plan year beginning April 1, 2008.


(5)	Board of Trustees elected funding relief. This election includes smoothing the March 31, 2009 investment losses over 10 years and widening the asset corridor to 130% of market value of assets for April 1, 2009 and April 1, 2010.

The rehabilitation plan for the GCIU-Employer Retirement Benefit Plan includes minimum annual contributions no less than the total annual contribution made by us from September 1, 2008 through August 31, 2009.

The Company was listed in the plans’ respective Forms 5500 as providing more than 5% of the total contributions for the following plans and plan years:



Pension Fund	Year Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of Plan’s Year-End)


CWA/ITU Negotiated Pension Plan	12/31/2012 & 12/31/2011	(1)
Newspaper and Mail Deliverers’-Publishers’ Pension Fund	5/31/2012 & 5/31/2011	(1)
Pressmen’s Publisher’s Pension Fund	3/31/2013 & 3/31/2012
Paper-Handlers’-Publishers’ Pension Fund	3/31/2013 & 3/31/2012

(1) Form 5500 for the plan year 12/31/13 and 5/31/13 was not available as of the date we filed our financial statements.

The number of our employees covered by multiemployer plans decreased from 2012 to 2013, affecting period-to-period comparability, as a result of the sale of the New England Media Group.

The Company received a notice and demand for payment of withdrawal liability from the Newspaper and Mail Deliverers’-Publishers’ Pension Fund on September 13, 2013 associated with an alleged partial withdrawal. See Note 20 for further information.