NY Times Co. to reduce retirement benefits

Portfolio reports New York Times Co. plans to slash the retirement benefits of non-union employees. Employees retiring on or after March 1, 2009 "will no longer receive medical coverage after they turn 65, whey they become eligible for Medicare." In addition, The Times Co. also said it has "decreased the formula for pension benefits." 

The pension cuts will save the Times Co. approximately $24 million in 2009 alone. 

Portfolio urges employees who are "thinking about retiring from [their] job at The New York Times Co." to "do it soon." 

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