Friday, October 22, 2010

Lee Enterprises reinstates 401(k) contributions

Two years after suspending contributions, Lee Enterprises will again contribute to employee 401(k) funds. The letter from Lee CEO Mary Junck:
Oct. 15, 2010

Dear Lee Employee:

I have good news to share.

It's the start of what I hope will be more good news as economic conditions continue to improve and our revenue growth resumes.

Beginning in January, the company will contribute 40 cents to your retirement fund for every dollar you put in, up to 5% of your pay. As before, you must have been employed for one year and have worked 1,000 hours to be eligible for the company match.

Also, three new investment options have been added to Lee's 401(k) Retirement Account Plan. The new funds are JPMorgan SmartRetirement 2050 Fund, Vanguard Total Bond Market Index Fund and JPMorgan Prime Money Market Fund. You can see details on the JPMorgan website, Educational meetings about investment choices and other 401(k) details will be scheduled for early next year.

We owe this improvement in employee benefits to the many sales and audience initiatives that have begun moving Lee's revenue back toward positive territory. We very much ant to continue improving employee benefits and compensation opportunities when our business sufficiently recovers from the tough ongoing economic conditions.

Thank you, again, for all you do for Lee.

With appreciation and very best regards,
Mary Junck

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