Tribune to Terminate Employee Stock Ownership Plan
November 3, 2009
Tribune executives announced that the company will end its employee stock ownership plan (ESOP) when the company emerges from bankruptcy. Michael Oneal reports that instead of an ESOP, the company is setting up a new 401K plan with a 4% match for employee contributions of up to 6%. There will also be a profit-sharing program. "When we emerge from bankruptcy, we expect that the shares of Tribune stock held by the ESOP will be extinguished and the plan terminated," Tribune's Chief Administrative Officer Gerry Spector wrote about the move in a memo to Tribune employees. It is unclear whether employees will retain a piece of the company.
Tribune to Terminate Employee Stock Ownership Plan We don't expect the ESOP to continue once the company emerges from bankruptcy (Tribune Communications) Tribune to end employee stock ownership plan (Los Angeles Times)