New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Understanding Creditor Protections forGannett Employees

Healthcare Provider Update: For Gannett, the healthcare provider is UnitedHealthcare, which has been affiliated with the company and serves its employees. In 2026, healthcare costs are expected to rise substantially, with many states experiencing dramatic premium increases for Affordable Care Act (ACA) plans. With the potential expiration of enhanced federal premium subsidies, more than 22 million Americans could face out-of-pocket premium hikes exceeding 75%. Contributing factors include escalating medical costs, projected increases in provider reimbursements, and aggressive rate hikes from major insurers, resulting in an overall perfect storm pushing affordability beyond reach for many families. As these factors coalesce, it's crucial for Gannett employees and ACA marketplace enrollees to stay informed and consider their healthcare options carefully for the upcoming year. Click here to learn more

'Gannett employees must be aware that while ERISA-qualified plans provide significant protection from creditors, non-ERISA accounts like IRAs are more vulnerable, and it's crucial to understand state-specific laws to ensure full asset security as you approach retirement,' says Tyson Mavar, a representative of The Retirement Group, a division of Wealth Enhancement Group.

'As retirement approaches, Gannett employees should consider not only the strength of their ERISA-qualified plans but also the potential vulnerabilities of non-ERISA accounts, and seek guidance from legal and financial experts to ensure their assets are fully protected,' advises Tyson Mavar, a representative of The Retirement Group, a division of Wealth Enhancement Group.

In this article, we will discuss:

The protection of retirement savings under ERISA-qualified plans.
The limitations of ERISA protection, including potential risks from creditors.
The role of state laws in protecting non-ERISA retirement accounts like IRAs.

For employees at Gannett, an important issue is the security of retirement savings, especially when employees approach the retirement age or are retired. It is generally assumed that all retirement assets are protected from creditors. Nevertheless, the extent to which these assets are protected differs greatly depending on the type of retirement plan and the laws of the state. In this article, we explore the specifics of asset protection.

Plans Covered by ERISA: A Stronghold Against Creditors
Most of the retirement plans that meet the eligibility requirements of the Employee Retirement Income Security Act (ERISA) are generally safe. Such ERISA-qualified plans are also usually safe from the reach of creditors in the event of bankruptcy or civil suits. Importantly, this protection is maintained even if the company sponsoring the plan goes bankrupt. These assets are usually out of the reach of personal creditors.

To meet the ERISA requirements, a retirement plan must be offered by an employer or an employee organization and must meet certain federal requirements regarding membership reporting, funding, and vesting. Typical ERISA-qualified plans include profit-sharing plans, pensions, deferred compensation plans, and 401(k)s.

Furthermore, ERISA applies to some employee health and welfare benefits, such as:

Hospital, surgical, and medical coverage through Health Maintenance Organization (HMO) plans.
Health care Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs).
Dental and vision plans.
Prescription drug programs.
Disability insurance.
Specific welfare benefit plans under sections 419(a)(f)(6) and 419(e).

The anti-alienation clause in these plans prohibits the assignment of benefits and thus keeps the assets beyond the reach of most creditors.

Weaknesses of ERISA-Qualified Plans
Although they are very strong, ERISA plans are not foolproof. They can be subject to claims by:

A former spouse for child support or divorce settlements, with a Qualified Domestic Relations Order (QDRO).
The Internal Revenue Service (IRS) for any unpaid federal income taxes.
The federal government in cases involving fines and penalties for crimes.
Creditors in the event that a plan participant breaches the terms of the plan.

The State of Non-ERISA Plans
The protection of retirement accounts that are not covered by ERISA, such as traditional and Roth IRAs, is not uniform. Some 403(b) plans offered by government or religious organizations may also not be ERISA plans.

Featured Video

Articles you may find interesting:

BAPCPA provides some protection for IRA funds in bankruptcy, but such funds are not protected by ERISA.

State Laws and IRA Security
The protection of IRAs and other non-ERISA plans against creditors can vary greatly by state. Some offer little protection, while others offer almost none. It is imperative to know these nuances in order to manage the risk of potential creditor claims. Gannett employees are encouraged to seek the advice of experienced local attorneys in order to navigate these complex legal situations.

Conclusion
The legality of protecting retirement funds from creditors depends on the type of retirement account, state laws, and certain exemptions. Although most employer-sponsored retirement plans are relatively safe, the legal framework is complex, and it is advisable to seek legal advice early to maximize the protection of retirement assets.

Sources:

Mavar, Tyson. The Retirement Group, a Division of Wealth Enhancement Group . Interview. January 2025.

'ERISA: A Guide to Employee Retirement Income Security Act.' U.S. Department of Labor , 2024, www.dol.gov/general/topic/retirement/erisa . Accessed 31 Jan. 2025.

'How Bankruptcy Affects Retirement Accounts.' National Bankruptcy Forum , 2023, www.nationalbankruptcyforum.com/affects-of-bankruptcy-on-retirement-accounts . Accessed 31 Jan. 2025.

'State Laws and IRA Protection.' Retirement Law Journal , vol. 12, no. 4, 2024, pp. 47-52.

'Understanding Qualified Domestic Relations Orders (QDROs).' Internal Revenue Service , 2023, www.irs.gov/retirement-plans/plan-participant-employee/understanding-qualified-domestic-relations-orders . Accessed 31 Jan. 2025.

How does The Newspaper Guild International Pension Plan ensure that members are informed about their pension benefits, and what steps should an employee take to understand their earned Pension Credits within this Plan?

Member Information on Pension Credits: Members are informed about their pension benefits and earned Pension Credits through an annual statement provided by the Board of Trustees. This statement includes details about years of service, vesting status, and accrued Pension Credits. Members are encouraged to keep their contact information updated to ensure they receive all pertinent information.

In what ways are the contribution rates structured under The Newspaper Guild International Pension Plan, and how do these rates impact the monthly benefits that members receive upon retirement?

Contribution Rates Structure: The pension contributions by employers are structured based on collective bargaining agreements. These contributions are pivotal in determining the monthly benefits members receive upon retirement. The rate of contributions, along with the number of years of service and accumulated Pension Credits, directly influences the calculation of retirement benefits.

Can you elaborate on the different types of pensions offered by The Newspaper Guild International Pension Plan, including the eligibility criteria and the benefits associated with each type?

Types of Pensions Offered: The plan offers several types of pensions: Regular Pension, Early Pension, Disability Pension, and Deferred Pension. Each type has specific eligibility criteria: Regular Pension is available upon reaching Normal Retirement Age, generally age 65. Early Pension can be taken from age 55, provided certain service and Pension Credit conditions are met. Disability Pension is awarded if a member becomes disabled as per the plan's criteria and Social Security Administration’s confirmation. Deferred Pension applies if a member leaves employment after vesting but before qualifying for early or regular pension.

How does The Newspaper Guild International Pension Plan address the calculation of pensions for members who have participated in more than one pension contribution plan, and what specific guidelines govern these calculations?

Multiple Pension Plans Participation: If a member has participated in more than one pension contribution plan, their pensions are calculated by taking into account all the Pension Credits accumulated across different plans. Specific guidelines ensure that the benefits from all plans are integrated correctly to reflect total earnings and contributions.

What implications does the merger of the NewsGuild-CWA Adjustable Pension Plan into The Newspaper Guild International Pension Plan have for current and future pension benefits for employees covered under both plans?

Implications of Plan Mergers: The merger of the NewsGuild-CWA Adjustable Pension Plan into The Newspaper Guild International Pension Plan ensured that no accrued benefits were reduced. All benefits from the merged plan are honored, with provisions made to integrate the benefits and maintain the financial integrity of the merged plan.

How should an employee of The Newspaper Guild International Pension Plan respond if they experience a change in employment status that may affect their pension eligibility and what steps do they need to take to maintain their benefits?

Change in Employment Status: Members experiencing a change in employment status that might affect their pension eligibility should immediately notify the plan administrators. Steps include reviewing the impact on their Pension Credits and adjusting their retirement planning accordingly.

In the event of an employeeâ€™s death, what provisions are made under The Newspaper Guild International Pension Plan for survivor benefits, and how can family members navigate the process of claiming these benefits?

Provisions for Survivor Benefits: In case of a member’s death, the plan provides survivor benefits to the spouse or domestic partner. These benefits are structured based on the type of pension the member was receiving or entitled to receive, ensuring ongoing support for the beneficiaries.

How does The Newspaper Guild International Pension Plan define what constitutes "disqualifying employment," and what are the consequences for a member if they engage in such employment before reaching normal retirement age?

Disqualifying Employment Definition: Disqualifying employment under The Newspaper Guild International Pension Plan refers to any job that might affect a member's pension benefits if engaged in before reaching the normal retirement age. Engaging in such employment could potentially suspend or reduce pension benefits.

What resources does The Newspaper Guild International Pension Plan provide for employees seeking assistance with their pension plans, and who specifically should they contact for detailed inquiries regarding their benefits?

Resources for Assistance: Members seeking assistance with their pension plans are encouraged to contact the Board of Trustees directly. The plan’s office provides detailed inquiries and support regarding benefit calculations, eligibility, and other pension-related questions.

How can an employee contact The Newspaper Guild International Pension Plan for further information about their pension benefits, and what specific inquiries should they be prepared to discuss during their interaction with the Office?

Contacting for Further Information: Members can contact The Newspaper Guild International Pension Plan office via provided contact details for further information about their pension benefits. When interacting with the office, members should be prepared to discuss their employment history, Pension Credit details, and any specific questions about their retirement benefits.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Pension Plan Name: Identify the name of Gannett’s pension plan. Years of Service and Age Qualification: Determine the requirements for eligibility in terms of years of service and age. Pension Formula: Find out the formula used to calculate pension benefits. Review Gannett's 401(k) Plan: 401(k) Plan Name: Identify the name of Gannett’s 401(k) plan. Eligibility: Determine who qualifies for participation in the 401(k) plan. Gannett Employee Pension Plan

Restructuring and Layoffs: In 2023, Gannett, the publisher of USA Today, announced a series of layoffs and restructuring efforts aimed at reducing operational costs. The company faced significant financial challenges due to declining print advertising revenues and increased digital competition. Gannett's workforce reduction strategy was part of a broader plan to streamline operations and focus on digital transformation. The move also involved consolidating regional newsrooms and reducing staff in various departments to improve overall efficiency. This restructuring is crucial to address, given the current economic climate where media companies are grappling with shifting revenue models and increasing operational costs. Benefits, Pensions, and 401(k) Changes: In response to these challenges, Gannett made adjustments to its employee benefits, including changes to its pension plan and 401(k) offerings. The company revised its pension benefits, moving to a more streamlined defined contribution plan, and made modifications to its 401(k) match program. These changes reflect the broader trend of companies reassessing their retirement benefits in light of economic pressures and the evolving investment landscape. For employees and retirees, understanding these adjustments is essential, given the current investment environment and the impact of such changes on long-term financial planning.

Gannett provided stock options and RSUs primarily to executives and senior management. The options are typically granted as part of the annual compensation review and vest over a period of time, usually four years. Gannett uses RSUs to retain and motivate key employees, with the vesting schedule commonly tied to performance and tenure. (Source: Gannett 2022 Annual Report, p. 32)

Visit Gannett’s official website to check for health benefits information. Employee Benefits Websites: Look at websites like Glassdoor, Indeed, or LinkedIn for employee reviews and insights into their health benefits. News Outlets: Search reputable news websites like Reuters, Bloomberg, or CNBC for recent news regarding Gannett’s health benefits and any changes in healthcare offerings. Industry Reports: Review industry-specific reports or publications for detailed information on Gannett’s employee benefits. Benefit-focused Websites: Check websites that focus specifically on employee benefits, such as BenefitsPro or Employee Benefit News. Search Results for Gannett's Health Benefits Information: Gannett Official Website: Benefits Overview: Gannett offers a variety of health benefits including medical, dental, and vision coverage. They also provide wellness programs and employee assistance programs (EAP). Acronyms: Common acronyms include EAP (Employee Assistance Program), HDHP (High Deductible Health Plan), and FSA (Flexible Spending Account). Glassdoor: Employee Reviews: Employees have reported that Gannett’s health benefits include competitive health insurance plans, but some have noted concerns about high premiums and limited coverage options. Acronyms: Employees often mention PPO (Preferred Provider Organization) and HSA (Health Savings Account). Indeed: Employee Insights: Reviews suggest that Gannett offers standard health benefits with options for dental and vision care. Some employees have commented on the variability of benefits depending on job role and tenure.

Additional Articles

Check Out Articles for Gannett employees

For more information you can reach the plan administrator for Gannett at , ; or by calling them at .

https://www.thelayoff.com/ https://www.businessinsider.com/ https://www.forbes.com/ https://www.nytimes.com/2024/07/18/business/media/gannett-local-news-sale.html https://pensionrights.org/ https://www.forbes.com/ https://www.fidelity.com/ https://nb.fidelity.com/public/nb/gannett/home