Pensions Frozen At Random House, Inc.

By: Associated Press Email
By: Associated Press Email

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The country's largest trade publisher, Random House Inc., has frozen the pensions of its current employees and eliminated them for future hires, the latest cutback in an industry hit by declining sales and anticipating, at best, a difficult 2009.

"Effective Dec. 31, benefits in the Random House, Inc. Pension Plan will no longer grow — but they will not be reduced," spokesman Stuart Applebaum said in a statement released Thursday in response to a query from The Associated Press.

Applebaum added that, effective Jan. 1, no new employees "will be enrolled in the Random House, Inc. Pension Plan." The company will continue to offer matching funds, up to 6 percent, for 401k plans.

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