OK, we have been reporting about buyouts, layoffs and cuts, it's time to highlight a company that is actually giving their employees more perks.
While many companies are cutting back, Meredith has sent out an internal memo, telling employees that starting next year, the company will increase their 401K match contributions.
Here is the memo, obtained by FTVLive:
TO: All Meredith Employees
FROM: Steve Lacy, Chairman and Chief Executive Officer
DATE: October 24, 2016
RE: Enhanced 401k Company Match
We have some exciting news to share today. To continue to provide our employees with valuable and highly competitive benefits options, we are enhancing the Meredith Savings and Investment Plan with an increased 401k company match.
Beginning January 1, 2017, Meredith will match the first 4 percent contributed at 100 percent. Additionally, Meredith will match the next 1 percent contributed by employees at 50 percent. So the net is a 4.5 percent match for the first 5 percent contributed. This compares to a match of 4 percent for the first 5 percent contributed under the current plan.
In today’s financial climate, it is increasingly important to effectively plan ahead and save for retirement, and we want to help our employees enjoy a fulfilling life when they retire. That’s why Meredith also provides employees with a pension plan in which the company contributes an average of 4 percent of your salary annually.
Combining the full 401k match with the pension plan, Meredith will contribute 8.5 percent of your salary into your retirement accounts, putting Meredith in the top tier of companies in our industry and in the country.