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Sunday, June 29, 2008

You Rock!

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Just wanted to say how impressed I am by the energy and enthusiasm many of you have, despite all of the dreariness at The Sun. I love the ideas that have come this weekend about ways to express our unhappiness over what is happening to our beloved newspaper and our industry as a whole. It also gives me hope that together we will continue to do some kick-ass journalism! Keep the ideas and energy coming as we move into a new week of bargaining! We've still got a long way to go! Also, keep the questions coming. We know a lot of you are thinking carefully about your next step. Tanika and I want to give you as much help as we can to make the right decision.

-Lynn
Posted by Anonymous at 10:29 AM

2 comments:

Anonymous said...

Ok, more questions: can u take the buyout and leave the money in your 401k to avoid taxes? Or part of the money, at least? Or do you have to take it out if you're not 55? And then...if it stays in the 401K, will it roll over w/ the rest of your contribs if/when you get a new job?

Also, in the very unlikely event that more than 60 people ask for buyouts, will they be granted in order of seniority, as before?

By the way, it's you guys that rock.

June 29, 2008 at 11:52 AM
Gus G. Sentementes said...

I second Anon's motion: Lynn and Tanika do rock.

Also, get a second and third opinion, Anon, but I think if you take a buyout, your 401k stays in its account and you can take it to another employer or even keep it as a separate account that's managed by Vanguard or whoever -- and then start a new 401k with a new employer. Your leaving The Sun does not force you to cash out your 401k and pay taxes on it.

But another question pertaining to the 401k: my wife, who is an HR pro who does benefits for a large corp in town, said that once we get the buyout, we can no longer contribute to our 401k at The Sun. Meaning, if you leave July 31 with a 6 month severance, none of your pay during that six-month buyout period can go to your 401k because the company has to drop you from the plan. (But of course your 401k savings aren't touched and you don't have to cash out.) So, you may not have to worry about limiting your contribution to the 401k b/c the company may not allow you to contribute if you're not technically employed there anymore.

Can someone from management answer this question? Do we automatically get booted out contributing to our 401k if we take a buyout?

June 29, 2008 at 2:25 PM

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