MNI » Topics » Pension and Other Retirement Benefits

This excerpt taken from the MNI DEF 14A filed Mar 30, 2007.

Pension and Other Retirement Benefits

 

Pension Plan and SERP.    McClatchy offers two retirement benefit plans. The McClatchy Retirement Plan is a qualified defined benefit pension plan open to all of our full-time and part-time employees, including each of the NEOs, who satisfy a six-month service requirement. The McClatchy Supplemental Executive Retirement Plan (“SERP”) is a non-qualified defined benefit plan that provides to our executive officers enhanced pension benefits, over and above the limitations set by the Internal Revenue Service. For additional information on these plans, see the Pension Benefits Table and accompanying narrative on page 35 below.

 

401(k) Plan.    McClatchy maintains a defined contribution 401(k) plan for eligible employees, including NEOs, called the Deferred Compensation and Investment Plan (the “DCIP”). Eligible employees may begin contributing salary deferral contributions to the DCIP immediately after the commencement of employment, however, a year of service is required to qualify for the matching company contribution provided under the DCIP. Participants can contribute between 1 to 25% of base pay each payroll period either as pre-tax salary deferral or after-tax employee contributions. Pre-tax salary deferrals are subject to statutory limits (in 2007, $15,000, or in the case of a participant age 50 or older, $20,500). Eligible participants are entitled to a matching contribution equal to 2/3rds of the salary deferral contributions, but only up to the first 6% of such salary deferral contributions. Stated differently, the maximum matching contribution is 4% of compensation. All contributions are fully vested and nonforfeitable when made. In addition, for each year, contributions to the DCIP must pass various nondiscrimination tests. For the matching company contributions made to our NEOs in 2006, see the “All Other Compensation” column of the Summary Compensation Table on page 31 below.

 

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