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JOB BENEFITS
PN offers strong competitive benefits at all of its newspapers and business units. The company was cited in The 100 Best Companies to Work for in America (1st and 2nd editions) in part for its commitment to offering benefits programs that meet the changing needs of employees and their dependents.
Medical coverage is one of the most valuable benefits a company can offer. PN's FLEX program offers employees a variety of options to best suit individual needs. The company also offers a pension plan, a 401(k) savings/retirement plan and an employee stock purchase plan.
Other benefits include a matching gifts program for college donations and merit-based scholarship programs for children of employees. Vacation schedules, work/family services, same-sex domestic partner benefits and benefits for part-time employees vary by newspaper and business unit.
The information set forth below highlights certain benefits offered by PN newspapers and business units. Complete details of each benefit plan are provided in official plan documents. Benefits may vary across PN newspapers or business units, and within newspapers for employees who are members of a union.
Benefit programs include:
- FLEX Health Care Benefits Program
- Independent Savings Plan (401[K])
- Employees Stock Purchase Plan
- Retirement Plan
- Merit Scholarships for Children of Employees
Flex Program
The FLEX program allows employees to tailor a benefits package to fit their needs and lifestyle. It includes medical plan options, dental plan options, life insurance coverage for the employee and dependent spouse and children, vision care options, long-term disability, long-term care for the employee, spouse, parents and grandparents, and flexible spending accounts for health care and dependent care.
Investment Savings Plan (ISP)
One of PN's most valuable benefits, the ISP, or 401(k) Plan, is open to immediate participation by new employees who are rolling over an account from another qualified plan, and quarterly after the first anniversary to other employees. Contributions are automatically deducted from the employee's paycheck. The company generally matches 50 cents on every dollar an employee saves up to 6 percent of their pay. Employees generally may save up to 15 percent of their pay before taxes, and another 10 percent on an after-tax basis. Participants make their own investment choices from several professionally managed funds, each with its own level of potential risk and return. Company matching funds are automatically invested in PN stock. The plan also permits participants to borrow against savings at an attractive interest rate.
Employees Stock Purchase Plan
This provides a simple, convenient way to buy shares of PN common stock at a discounted price. Eligible employees can designate up to 10 percent of their income to purchase stock through a payroll deduction plan at an attractive below-market price.
Retirement Plan
For those who meet the age and service requirements, this plan pays a monthly benefit upon retirement. It also may provide income for a spouse when an employee dies before retirement. The company pays the full cost of this plan and participation is automatic once employees become eligible.
Merit Scholarships for Children of Employees
Children of employees of PN and its subsidiaries are eligible to compete for college scholarships. Applicants must follow guidelines.
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