Pension Benefits | Pension Benefits Single-Employer Plans We sponsor several single-employer defined benefit pension plans, the majority of which have been frozen. We also participate in joint Company and Guild-sponsored plans covering employees who are members of The News Guild of New York, including The Newspaper Guild of New York - The New York Times Pension Fund, which was frozen in 2012 and replaced with a new defined benefit pension plan, The Guild-Times Adjustable Pension Plan. We also have a foreign-based pension plan for certain employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation. Net Periodic Pension Cost The components of net periodic pension cost were as follows: December 27, 2015 December 28, 2014 December 29, 2013 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Service cost $ 11,932 $ 157 $ 12,089 $ 9,543 $ 184 $ 9,727 $ 11,225 $ 1,162 $ 12,387 Interest cost 74,536 10,060 84,596 84,447 10,450 94,897 77,136 10,681 87,817 Expected return on plan assets (115,261 ) — (115,261 ) (113,839 ) — (113,839 ) (124,250 ) — (124,250 ) Amortization and other costs 36,442 5,081 41,523 26,620 4,718 31,338 33,770 5,561 39,331 Amortization of prior service (credit)/cost (1,945 ) — (1,945 ) (1,945 ) — (1,945 ) (1,945 ) — (1,945 ) Effect of settlement 40,329 — 40,329 — 9,525 9,525 — 3,228 3,228 Net periodic pension cost/(income) $ 46,033 $ 15,298 $ 61,331 $ 4,826 $ 24,877 $ 29,703 $ (4,064 ) $ 20,632 $ 16,568 As part of our strategy to reduce the pension obligations and the resulting volatility of our overall financial condition, we have offered lump-sum payments to certain former employees participating in both our qualified and non-qualified pension plans. In the first quarter of 2015, we recorded a pension settlement charge of $40.3 million in connection with a lump-sum payment offer made to certain former employees who participated in certain qualified pension plans. These lump-sum payments totaled $98.3 million and were made with cash from the qualified pension plans, not with Company cash. The effect of this lump-sum payment offer was to reduce our pension obligations by $142.8 million . In the second quarter of 2014, we recorded a pension settlement charge of $9.5 million in connection with a lump-sum payment offer made to certain former employees who participated in certain non-qualified pension plans. These lump-sum payments totaled $24.0 million and were paid out of Company cash. The effect of this lump-sum payment offer was to reduce our pension obligations by $32.0 million . In the fourth quarter of 2013, we recorded a pension settlement charge of $3.2 million in connection with a lump-sum payment offer made to certain former employees who participated in certain non-qualified pension plans. These lump-sum payments totaled $10.9 million and were paid out of Company cash. The effect of this lump-sum payment offer was to reduce our pension obligations by $12.7 million . Other changes in plan assets and benefit obligations recognized in other comprehensive income/loss were as follows: (In thousands) December 27, December 28, December 29, Net actuarial loss/(gain) $ 31,044 $ 254,525 $ (178,088 ) Amortization of loss (41,523 ) (30,665 ) (39,017 ) Amortization of prior service cost 1,945 1,945 1,945 Effect of curtailment (1,264 ) — — Effect of settlement (40,329 ) (9,525 ) (3,358 ) Total recognized in other comprehensive (income)/loss (50,127 ) 216,280 (218,518 ) Net periodic pension cost 61,331 29,703 16,568 Total recognized in net periodic benefit cost and other comprehensive loss/(income) $ 11,204 $ 245,983 $ (201,950 ) The estimated actuarial loss and prior service credit that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year is approximately $33 million and $2 million , respectively. In the fourth quarter of 2015, the Company’s ERISA Management Committee made a decision to freeze the accrual of benefits under the Retirement Annuity Plan For Craft Employees of The New York Times Companies with respect to all participants covered by a collective bargaining agreement between the Company and The New York Newspaper Printing Pressmen’s Union No. 2N/1SE, effective as of the close of business on December 31, 2015. As a result, we recorded a curtailment of $1.3 million in 2015. The amount of cost recognized for defined contribution benefit plans was approximately $16 million for 2015 , $17 million for 2014 and $18 million for 2013 . Benefit Obligation and Plan Assets The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive income/(loss) were as follows: December 27, 2015 December 28, 2014 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Change in benefit obligation Benefit obligation at beginning of year $ 2,101,573 $ 267,824 $ 2,369,397 $ 1,778,647 $ 262,501 $ 2,041,148 Service cost 11,932 157 12,089 9,543 184 9,727 Interest cost 74,536 10,060 84,596 84,447 10,450 94,897 Plan participants’ contributions 20 — 20 26 — 26 Actuarial (gain)/loss (129,187 ) (14,372 ) (143,559 ) 330,224 36,604 366,828 Curtailments (1,264 ) — (1,264 ) — — — Lump-sum settlement paid (98,348 ) — (98,348 ) — (24,015 ) (24,015 ) Benefits paid (107,352 ) (16,231 ) (123,583 ) (101,314 ) (17,507 ) (118,821 ) Effects of change in currency conversion — (351 ) (351 ) — (393 ) (393 ) Benefit obligation at end of year 1,851,910 247,087 2,098,997 2,101,573 267,824 2,369,397 Change in plan assets Fair value of plan assets at beginning of year 1,837,250 — 1,837,250 1,698,091 — 1,698,091 Actual return on plan assets (59,342 ) — (59,342 ) 225,470 — 225,470 Employer contributions 7,128 16,231 23,359 14,977 41,522 56,499 Plan participants’ contributions 20 — 20 26 — 26 Lump-sum settlement paid (98,348 ) — (98,348 ) — (24,015 ) (24,015 ) Benefits paid (107,352 ) (16,231 ) (123,583 ) (101,314 ) (17,507 ) (118,821 ) Fair value of plan assets at end of year 1,579,356 — 1,579,356 1,837,250 — 1,837,250 Net amount recognized $ (272,554 ) $ (247,087 ) $ (519,641 ) $ (264,323 ) $ (267,824 ) $ (532,147 ) Amount recognized in the Consolidated Balance Sheets Current liabilities $ — $ (16,043 ) $ (16,043 ) $ — $ (15,767 ) $ (15,767 ) Noncurrent liabilities (272,554 ) (231,044 ) (503,598 ) (264,323 ) (252,057 ) (516,380 ) Net amount recognized $ (272,554 ) $ (247,087 ) $ (519,641 ) $ (264,323 ) $ (267,824 ) $ (532,147 ) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 821,648 $ 100,344 $ 921,992 $ 854,267 $ 119,797 $ 974,064 Prior service credit (24,621 ) — (24,621 ) (26,565 ) — (26,565 ) Total $ 797,027 $ 100,344 $ 897,371 $ 827,702 $ 119,797 $ 947,499 The accumulated benefit obligation for all pension plans was $2.09 billion and $2.36 billion as of December 27, 2015 and December 28, 2014 , respectively. Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows: (In thousands) December 27, December 28, Projected benefit obligation $ 2,098,997 $ 2,369,397 Accumulated benefit obligation $ 2,092,600 $ 2,362,050 Fair value of plan assets $ 1,579,356 $ 1,837,250 Assumptions Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows: December 27, December 28, Discount rate 4.60 % 4.05 % Rate of increase in compensation levels 2.96 % 2.89 % The rate of increase in compensation levels is applicable only for qualified pension plans that have not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for qualified plans were as follows: December 27, December 28, December 29, Discount rate 4.05 % 4.90 % 4.00 % Rate of increase in compensation levels 2.89 % 2.87 % 3.50 % Expected long-term rate of return on assets 7.01 % 7.02 % 7.85 % Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows: December 27, December 28, Discount rate 4.40 % 3.90 % Rate of increase in compensation levels 2.50 % 2.50 % The rate of increase in compensation levels is applicable only for the non-qualified pension plans that have not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for non-qualified plans were as follows: December 27, December 28, December 29, Discount rate 3.90 % 4.60 % 3.70 % Rate of increase in compensation levels 2.50 % 2.50 % 3.00 % We determined our discount rate using a Ryan ALM, Inc. Curve (the “Ryan Curve”). The Ryan Curve provides the bonds included in the curve and allows adjustments for certain outliers (e.g., bonds on “watch”). We believe the Ryan Curve allows us to calculate an appropriate discount rate. To determine our discount rate, we project a cash flow based on annual accrued benefits. For active participants, the benefits under the respective pension plans are projected to the date of termination. The projected plan cash flow is discounted to the measurement date, which is the last day of our fiscal year, using the annual spot rates provided in the Ryan Curve. A single discount rate is then computed so that the present value of the benefit cash flow equals the present value computed using the Ryan Curve rates. In determining the expected long-term rate of return on assets, we evaluated input from our investment consultants, actuaries and investment management firms, including our review of asset class return expectations, as well as long-term historical asset class returns. Projected returns by such consultants and economists are based on broad equity and bond indices. Our objective is to select an average rate of earnings expected on existing plan assets and expected contributions to the plan during the year. The market-related value of plan assets is multiplied by the expected long-term rate of return on assets to compute the expected return on plan assets, a component of net periodic pension cost. The market-related value of plan assets is a calculated value that recognizes changes in fair value over three years. In October 2014, the Society of Actuaries (“SOA”) released new mortality tables that increased life expectancy assumptions. During the fourth quarter of 2014, we adopted the new mortality tables and revised the mortality assumptions used in determining our pension and postretirement benefit obligations. The net impact to our qualified and non-qualified pension obligations resulting from the new mortality assumptions in 2014 was an increase of $117.0 million . For fiscal year 2016, we are changing the approach used to calculate the service and interest components of net periodic benefit cost for benefit plans to provide a more precise measurement of service and interest costs. Historically, we calculated these service and interest components utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. Going forward, we have elected to utilize an approach that discounts the individual expected cash flows using the applicable spot rates derived from the yield curve over the projected cash flow period. The spot rates used to determine service and interest costs ranged from 0.84% to 5.18% . Based on current economic conditions, we estimate that the service cost and interest cost for our pension plans will be reduced by $ 18.1 million in 2016. We have accounted for this change as a change in accounting estimate that is inseparable from a change in accounting principle and accordingly have accounted for it prospectively. Plan Assets Company-Sponsored Pension Plans The assets underlying the Company-sponsored qualified pension plans are managed by professional investment managers. These investment managers are selected and monitored by the pension investment committee, composed of certain senior executives, who are appointed by the Finance Committee of the Board of Directors of the Company. The Finance Committee is responsible for adopting our investment policy, which includes rules regarding the selection and retention of qualified advisors and investment managers. The pension investment committee is responsible for implementing and monitoring compliance with our investment policy, selecting and monitoring investment managers and communicating the investment guidelines and performance objectives to the investment managers. Our contributions are made on a basis determined by the actuaries in accordance with the funding requirements and limitations of the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue Code. Investment Policy and Strategy The primary long-term investment objective is to allocate assets in a manner that produces a total rate of return that meets or exceeds the growth of our pension liabilities. Our plan objective is to transition the asset mix to hedge liabilities and minimize volatility in the funded status of the plans. Asset Allocation Guidelines In accordance with our asset allocation strategy, for substantially all of our Company-sponsored pension plan assets, investments are categorized into long duration fixed income investments whose value is highly correlated to that of the pension plan obligations (“Long Duration Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in our pension plan obligations (“Return-Seeking Assets”). The proportional allocation of assets between Long Duration Assets and Return-Seeking Assets is dependent on the funded status of each pension plan. Under our policy, for example, a funded status between 95% and 97.5% requires an allocation of total assets of 53% to 63% to Long Duration Assets and 37% to 47% to Return-Seeking Assets. As our funded status increases, the allocation to Long Duration Assets will increase and the allocation to Return-Seeking Assets will decrease. The following asset allocation guidelines apply to the Return-Seeking Assets: Asset Category Percentage Range Public Equity 70% - 90 % Growth Fixed Income 0% - 15 % Alternatives 0% - 15 % Cash 0% - 10 % The asset allocations of our Company-sponsored pension plans by asset category for both Long Duration and Return-Seeking Assets, as of December 27, 2015 , were as follows: Asset Category Percentage Public Equity 45 % Fixed Income 51 % Alternatives 4 % Cash — % The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the pension investment committee. The pension investment committee may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the pension plan assets. Fair Value of Plan Assets The fair value of the assets underlying our Company-sponsored qualified pension plans and The Newspaper Guild of New York - The New York Times Pension Fund by asset category are as follows: Fair Value Measurement at December 27, 2015 (In thousands) Quoted Prices Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Asset Category (1) (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 47,136 $ — $ — $ 47,136 International Equities 48,834 — — 48,834 Common/Collective Funds (2) — 761,812 — 761,812 Fixed Income Securities: Corporate Bonds — 417,554 — 417,554 U.S. Treasury and Other Government Securities — 119,098 — 119,098 Group Annuity Contract — 57,044 — 57,044 Municipal and Provincial Bonds — 36,912 — 36,912 Government Sponsored Enterprises (3) — 6,250 — 6,250 Other — 11,511 — 11,511 Cash and Cash Equivalents — 12,255 — 12,255 Private Equity — — 29,707 29,707 Hedge Fund — — 31,243 31,243 Assets at Fair Value $ 95,970 $ 1,422,436 $ 60,950 $ 1,579,356 (1) Includes the assets of The Guild-Times Adjustable Pension Plan and the Retirement Annuity Plan which are not part of the Master Trust. (2) The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the net asset value of the underlying funds. (3) Represents investments that are not backed by the full faith and credit of the United States government. Fair Value Measurement at December 28, 2014 (In thousands) Quoted Prices Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 48,640 $ — $ — $ 48,640 International Equities 51,154 — — 51,154 Common/Collective Funds (1) — 697,075 — 697,075 Fixed Income Securities: Corporate Bonds — 539,098 — 539,098 U.S. Treasury and Other Government Securities — 150,496 — 150,496 Group Annuity Contract — 76,290 — 76,290 Municipal and Provincial Bonds — 47,046 — 47,046 Government Sponsored Enterprises (2) — 9,517 — 9,517 Other — 22,951 — 22,951 Cash and Cash Equivalents 52 127,910 — 127,962 Private Equity — — 35,727 35,727 Hedge Fund — — 31,294 31,294 Assets at Fair Value $ 99,846 $ 1,670,383 $ 67,021 $ 1,837,250 (1) Includes the assets of The Guild-Times Adjustable Pension Plan and the Retirement Annuity Plan which are not part of the Master Trust. (2) The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the net asset value of the underlying funds. (3) Represents investments that are not backed by the full faith and credit of the United States government. Level 1 and Level 2 Investments Where quoted prices are available in an active market for identical assets, such as equity securities traded on an exchange, transactions for the asset occur with such frequency that the pricing information is available on an ongoing/daily basis. We classify these types of investments as Level 1 where the fair value represents the closing/last trade price for these particular securities. For our investments where pricing data may not be readily available, fair values are estimated by using quoted prices for similar assets, in both active and not active markets, and observable inputs, other than quoted prices, such as interest rates and credit risk. We classify these types of investments as Level 2 because we are able to reasonably estimate the fair value through inputs that are observable, either directly or indirectly. There are no restrictions on our ability to sell any of our Level 1 and Level 2 investments. Level 3 Investments Certain pension plans have investments in private equity funds and a hedge fund as of December 27, 2015 and December 28, 2014 that have been determined to be Level 3 investments, within the fair value hierarchy, because the inputs to determine fair value are considered unobservable. The general valuation methodology used for the private equity and hedge fund of funds is the market approach. The market approach utilizes prices and other relevant information such as similar market transactions, type of security, size of the position, degree of liquidity, restrictions on the disposition, latest round of financing data, current financial position and operating results, among other factors. As a result of the inherent limitations related to the valuations of the Level 3 investments, due to the unobservable inputs of the underlying funds, the estimated fair value may differ significantly from the values that would have been used had a market for those investments existed. The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) as of December 27, 2015 is as follows: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (In thousands) Hedge Fund Private Equity Total Balance at beginning of year $ 31,294 $ 35,727 $ 67,021 Actual gain/(loss) on plan assets: Relating to assets still held (51 ) (2,170 ) (2,221 ) Capital contribution — 1,288 1,288 Return of Capital — (5,138 ) (5,138 ) Balance at end of year $ 31,243 $ 29,707 $ 60,950 The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) as of December 28, 2014 is as follows: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (In thousands) Hedge Fund Private Equity Total Balance at beginning of year $ 30,325 $ 40,537 $ 70,862 Actual gain on plan assets: Relating to assets still held 969 (1,775 ) (806 ) Capital contribution — 2,008 2,008 Return of Capital — (5,043 ) (5,043 ) Balance at end of year $ 31,294 $ 35,727 $ 67,021 Cash Flows In August 2014, the Highway and Transportation Funding Act of 2014 was enacted. The legislation extended interest rate stabilization for single-employer defined benefit pension plan funding for an additional five years. In 2015 , we made contributions to qualified pension plans of $7.1 million . We expect contributions to total approximately $8 million to satisfy minimum funding requirements in 2016 . In January 2013, we made a contribution of approximately $57 million to The Newspaper Guild of New York - The New York Times Pension Fund, of which $20 million was estimated to be necessary to satisfy minimum funding requirements in 2013. Mandatory contributions to other qualified pension plans increased our total contributions to approximately $74 million for the full year of 2013. The following benefit payments, which reflect future service for plans that have not been frozen, are expected to be paid: Plans (In thousands) Qualified Non- Qualified Total 2016 $ 107,149 $ 16,360 $ 123,509 2017 108,010 17,110 125,120 2018 109,054 17,079 126,133 2019 110,552 17,186 127,738 2020 111,509 16,876 128,385 2021-2025 (1) 581,287 82,427 663,714 (1) While benefit payments under these plans are expected to continue beyond 2025, we have presented in this table only those benefit payments estimated over the next 10 years. Multiemployer Plans We contribute to a number of multiemployer defined benefit pension plans under the terms of various collective bargaining agreements that cover our union-represented employees. Over the past few years, certain events, such as amendments to various collective bargaining agreements and the sale of the New England Media Group, resulted in withdrawals from multiemployer pension plans. These actions, along with a reduction in covered employees, have resulted in us estimating withdrawal liabilities to the respective plans for our proportionate share of any unfunded vested benefits. In 2015 and 2013, we recorded $9.1 million and $6.2 million in charges for partial withdrawal obligations under multiemployer pension plans, respectively. We recorded an estimated charge for multiemployer pension plan withdrawal obligations of $14.2 million in 2013, which includes $8.0 million directly related to the sale of the New England Media Group. There was no such charge in 2014. Our multiemployer pension plan withdrawal liability was approximately $124 million as of December 27, 2015 and approximately $116 million as of December 28, 2014 . This liability represents the present value of the obligations related to complete and partial withdrawals that have already occurred as well as an estimate of future partial withdrawals that we considered probable and reasonably estimable. For those plans that have yet to provide us with a demand letter, the actual liability will not be fully known until they complete a final assessment of the withdrawal liability and issue a demand to us. Therefore, the estimate of our multiemployer pension plan liability will be adjusted as more information becomes available that allows us to refine our estimates. The risks of participating in multiemployer plans are different from single-employer plans in the following aspects: • Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If we elect to withdraw from these plans or if we trigger a partial withdrawal due to declines in contribution base units or a partial cessation of our obligation to contribute, we may be assessed a withdrawal liability based on a calculated share of the underfunded status of the plan. • If a multiemployer plan from which we have withdrawn subsequently experiences a mass withdrawal, we may be required to make additional contributions under applicable law. Our participation in significant plans for the fiscal period ended December 27, 2015 , is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The zone status is based on the latest information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that are required to pay a surcharge in excess of regular contributions. The last column lists the expiration date(s) of the collective bargaining agreement(s) to which the plans are subject. EIN/Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/Implemented (In thousands) Contributions of the Company Surcharge Imposed Collective Bargaining Agreement Expiration Date Pension Fund 2015 2014 2015 2014 2013 CWA/ITU Negotiated Pension Plan 13-6212879-001 Red as of 1/01/15 Red as of 1/01/14 Implemented $ 543 $ 611 $ 663 No 3/30/2016 (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund 13-6122251-001 Green as of 6/01/15 Green as of 6/01/14 N/A 1,038 1,102 1,217 No 3/30/2020 (2) GCIU-Employer Retirement Benefit Plan 91-6024903-001 Red as of 1/01/15 Red as of 1/01/14 Implemented 57 58 124 Yes 3/30/2021 (3) Pressmen’s Publishers’ Pension Fund 13-6121627-001 Green as of 4/01/15 Green as of 4/01/14 N/A 1,033 1,097 1,016 No 3/30/2021 (4) Paper-Handlers’-Publishers’ Pension Fund 13-6104795-001 Red as of 4/01/15 Green as of 4/01/14 Pending 97 103 114 Yes 3/30/2021 (5) Contributions for individually significant plans $ 2,768 $ 2,971 $ 3,134 Contributions to other multiemployer plans — — 945 Total Contributions $ 2,768 $ 2,971 $ 4,079 (1) There are two collective bargaining agreements (Mailers and Typographers) requiring contributions to this plan, which both expire March 30, 2016. (2) Elections under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010: Extended Amortization of Net Investment Losses (IRS Section 431(b)(8)(A)) and the Expanded Smoothing Period (IRS Section 431(b)(8)(B)). (3) We previously had two collective bargaining agreements requiring contributions to this plan. With the sale of the New England Media Group only one collective bargaining agreement remains for the Stereotypers, which expires March 30, 2021. The method for calculating actuarial value of assets was changed retroactive to January 1, 2009, as elected by the Board of Trustees and as permitted by IRS Notice 2010-83. This election includes smoothing 2008 investment losses over ten years. (4) The Plan sponsor elected two provisions of funding relief under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010) to more slowly absorb the 2008 plan year investment loss, retroactively effective as of April 1, 2009. These included extended amortization under the prospective method and 10 -year smoothing of the asset loss for the plan year beginning April 1, 2008. (5) Board of Trustees elected funding relief. This election includes smoothing the March 31, 2009 investment losses over 10 years. The rehabilitation plan for the GCIU-Employer Retirement Benefit Plan includes minimum annual contributions no less than the total annual contribution made by us from September 1, 2008 through August 31, 2009. The Company was listed in the plans’ respective Forms 5500 as providing more than 5% of the total contributions for the following plans and plan years: Pension Fund Year Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of Plan’s Year-End) CWA/ITU Negotiated Pension Plan 12/31/2014 & 12/31/2013 (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund 5/31/2014 & 5/31/2013 (1) Pressmen’s Publisher’s Pension Fund 3/31/2015 & 3/31/2014 Paper-Handlers’-Publishers’ Pension Fund 3/31/2015 & 3/31/2014 (1) Forms 5500 for the plans’ year ended of 12/31/15 and 5/31/15 were not available as of the date we filed our financial statements. The Company received a notice and demand for payment of withdrawal liability from the Newspaper and Mail Deliverers’-Publishers’ Pension Fund September 2013 and December 2014 associated with alleged partial withdrawals. See Note 18 for further information. |