Posted by chicagomedia.org on April 28, 2009 at 19:22:01:
CCR Cuts More Staff, Suspends Matching 401(k) Funds For Employees
By R&R Staff
Updated 0 Hour(s) 12 Minute(s) ago
Following the elimination of Clear Channel Radio's Corporate Marketing Department on Tuesday morning (April 28), comes news of another round of widespread layoffs across the company and the suspension of its matching 401(k) funds for the employees who remain onboard.
Early Tuesday morning, Clear Channel Radio employees received an e-mail from the Clear Channel Retirement Benefits Department that said as of April 30, 2009, the 401(k) Plan will suspend the current match of 50% of 5% of pay for the balance of 2009.
The note explained that "no match will be made during 2009 after the April 30, 2009, semi-monthly pay-roll. However, if the Company achieves at least 90% of its 2009 budget goals, Clear Channel will retroactively restore matching contributions to the accounts of eligible plan participants for the period of May 1, 2009 to December 31, 2009. If a matching contribution is made, it will be made to all employees who continued to contribute during all or part of the period from May 1, 2009, to December 31, 2009."
Clear Channel Communications will probably decide whether to make the retroactive match shortly after its 4th quarter 2009 earnings are announced.
The San Antonio-based company based its decision to review its benefits program on the "highly challenging business environment" and hoped to "balance the significant challenges in the economy with our desire to have a competitive, sustainable benefits program."