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Cowles Company Pension Plan Frozen

Cowles Company, which owns The Spokesman-Review, KHQ-TV, The Journal of Business and other businesses, announced Thursday that it will freeze the company’s pension plan effective Sept.  1. At the same time, Cowles will open its 401(k) match to all employees affected by the change. The transition affects about 473 employees, or 56 percent of the company’s eligible work force who were not included in a partial freeze three years ago. Their accrued pension benefit will be capped at present levels. “Revenue and profit predictability has diminished dramatically across all of our businesses in the last decade,” Cowles Company President Stacey Cowles said in a prepared statement/Tom Sowa, Office Hours. More here.