Stephens Media, owner of the daily Southwest Times Record at Fort Smith, the Pine Bluff Commercial and The Morning News at Springdale, as well as the Arkansas News Bureau in Little Rock, is suspending its 401(k) match program effective immediately.
Stephens Media LLC, the Las Vegas newspaper company owned by Little Rock’s Stephens family, has informed employees that their retirement plan contributions will no longer be matched.
“Effective with the payroll beginning January 31, 2009, matching contributions to the Stephens Media Retirement Savings Plan (401k Plan), will be temporarily suspended for the remainder of the year,” President and CEO Sherman R. Frederick wrote in a letter to employees dated Jan. 31. “I take this step reluctantly, but it is necessary in order to help us maintain the financial health of the company.”
Stephens also owns the Las Vegas Review-Journal. In his letter, Frederick noted that some of the biggest blows in the recession have landed in that market. But he also said all the company’s papers have been “significantly affected.”
Stephens conducted a round of layoffs last year. Among those let go: Aaron Sadler, a Washington D.C. bureau reporter covering the Arkansas delegation. Sadler now works in communications for the Arkansas Department of Environmental Quality.
Filed under: Arkansas Business, business, Media, Newspapers, Politics | Tagged: Aaron Sadler, advertising, Arkansas Department of Environmental Quality, business, Las Vegas Review-Journal, Newspapers, Pine Bluff Commercial, publishing, Sherman Frederick, Southwest Times Record, Stephens Media Group, The Morning News |