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For answers to common questions on your 401K, ESOP, Tender Offer or the Company Sale go to the FAQ's section.
Los Angeles Times United Pressrooms
Have You Heard?
Sam Zell strikes again. This whole ESOP !@#$% and implying that the employees are owners and partners is insulting. We would never support the decision to sell these historic properties or as Zell states, "maximize their value" Who will see the proceeds from these transactions? Not the ESOP "Partners", the "Lender" partners get their cut first and there wont be anything left when they're done.
The company has provided us with answers to the 15 most asked questions in regards to our retirement and the sale of The Tribune Co. Click on the FAQ's link.
On March 19, 2007 The regional Director of the NLRB, released her decision regarding the company's objections and ruled in our favor. Read about it
This site is about being informed, we encourage everyone to participate. Improving working conditions starts with us, it is our responsibility.
Do you remember what we
had? These are the benefits we have
lost and changes we have been forced to accept.
1992 - 14 Management Heads (Publisher, President,
VP's Editors etc.)
- Presses 12 Units
- 11 man Crews
- Facilities Department replaced by outside company
- Part-time Mailroom Employees Laid-off
1993 - Presses now 20 Units
- Crews reduced to 8 & 9 person crews
- Employee Buy-out
1994 - Company Rate Increase on wages terminated
1995 - Another Employee Buy-out
- Company layoffs! (Approximately 2,200 company wide)
- Beginning of Insurance Rate increases employees must contribute
- C.E.O. Mark H. Willes comes on board
1996 - 30 year cap put in place! Employees
lose up to 25% of Retirement pay!
- Departments continue to reduce staffing
1997 - Cross Training is introduced. (We
don't even get training in our own
department for those who need it.)
1998 - Employees suffer another insurance
increase for Domestic Partner Benefits
- Another Buyout!
- Company layoffs! ( approximately 850 victims)
1999 - Retiree's Medical Benefits cut
2000 - Employees terminated after 1 year
of LTD (Long Term Disability) instead of
2.5 years
- Short Term Disability increased to 8 day waiting period!
- More Layoffs! (32 in other Departments)
- Pressroom Waste incentive bonuse$ eliminated!
- Now 34 Management Heads (same titles as described above)
- C.E.O. Mark H. Willes leaves the company with reports of 64 to 90 Million
Dollars!
- Tribune takes control of Times Mirror!
- Medical departments at all plants closed and staff laid off.
2001 - 5th week of vacation eliminated!
(Those with less than 15 years of full-time
service)
- Truck Drivers and Mechanics laid-off ( Ryder hires L.A.Times Drivers
at lower
wages and benefits)
Voluntary Retirement Program offered. Another buyout!
2002 - Wage freeze!
- 1st color, 2nd color and Tension Specialist positions abolished
- Crews reduced to 5 person crews.
- Press cleaners budget reduced by 50%
2003 - Crews restructured to 5, 6, and 7
person crews
- Mailroom and Newsprint departments merge
2004 - 1% of workforce laid-off (Voluntary
and in-voluntary separations)
- Pressroom cleaners budget reduced 50% once again
- presses now 23 units!
2005 - Presidents Day and Dr. Martin Luther
King's Birthday holidays eliminated.
Given 2 floating holidays instead, which you must use or forfeit them
- Sick days bank eliminated, All unused days are forfeited (TAKEN from
you!)
- Unit 12 converted into a 4-high back to back tower! No additional staffing
for increase in printing couples.
- 4 day work schedule introduced (Work longer hours to achieve overtime)
- Eliminated Roller Crew Picks (management selected)
- Safety Bingo introduced! (Someone please tell me how this improves safety!)
- Premium overtime after 12 hours instead of 10.
- Prescription Safety eye-ware program discontinued
- Ninety Day probations implemented and enforced
(Demotions and Terminations take place.)
- Savings Plus Defined 401K Plan replaced with Tribune
401K which is a " Cash Balance Plan in disguise.
- Security Cameras and key card devices installed at facilities in
response to 9/11 (Even though some cameras face work areas and not the
doors!)
- Inquisition style review panel formed to intimidate workers from reporting
work related injuries. (GET AN ATTORNEY FOR ALL WORK RELATED INJURIES!)
2006- NORTHRIDGE PLANT CLOSED! 47 more pressroom
positions eliminated! (110 Positions total from all departments)
- Money for a New V.P. discovered! Welcome Russ Newton
- An additional $200 million dollars in cuts sought by Management
Tribune Employees’ Financial Protection Committee
Real estate tycoon Sam Zell’s ingenious
plan to control the Tribune
Company by transferring billions of dollars of debt to an Employee Stock
Ownership Plan (ESOP) while denying employees a voice in the governance
of the plan or the company--puts our jobs, retirement security
and families’ futures at risk!
The ESOP, which is now governed by a sole trustee appointed by
Tribune management, has already amassed more than $7 billion in debt
to buy back 50% of Tribune’s shares at $34 a share. In order to secure
the financing, the company had to agree to higher than anticipated
interest rates and an accelerated repayment schedule.
Some analysts predict that Tribune may have a hard time securing
financing for the additional $4.2 billion second phase of the deal. If
the
deal falls through, the value of our stock could plummet--one analyst
predicting as much as 88%. If the sale is completed, Tribune will have
so much debt that it will be vulnerable to defaulting on its loans, which
could land the company in bankruptcy or force the company to slash
jobs and sell assets. Without a voice – all Tribune employees are at risk.
We cannot afford to let Sam Zell, Tribune management or their
“not-so-great” bank run our company into the ground. We must
demand a seat at the table before it is too late!
Join the Tribune Employees’ Financial Protection Committee
Go to: http://www.teamster.org/divisions/gciu/tribune.htm
to sign up.
It’s Our Company, Our Future, for a copy of the form to demand our rights
click here
Demand a Say Today!
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