Condé Nast Publications has trimmed its corporate pension plan, announcing that whatever money is in the pension plan is now frozen and that parent Advance Publications will no longer
contribute to the plan.
In addition, employees who are not yet vested in the pension plan will no longer be eligible to become vested. The company will continue to make limited
contributions into employees' 401(k) retirement plans. A company rep states that the plan was "modified to help the company manage its business through this challenging time."
The drop in
ad pages at Condé Nast has reached 30% to 40% at many of the company's flagship magazines, and the decline appears to be accelerating, say insiders.
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