Dotdash Meredith ending pension plan as losses grow
Des Moines Register: Eleven months into its merger, Dotdash Meredith is ending the pension plan that its Des Moines-based predecessor, Meredith Corp., once offered. The New York-based media company, which retains a prominent downtown Des Moines presence, disclosed in a financial report Wednesday that its board had voted Sept. 13 to “freeze and terminate” the plan, effective at the end of the year. Company spokesperson Erica Jensen said the goal was “to better align legacy Meredith and Dotdash benefits.” According to a filing by Dotdash Meredith’s parent company, IAC, the pension fund was $34 million underfunded at the end of last year. And the company’s financial disclosure filed Wednesday said the fund has suffered a $7.5 million actuarial loss this year as the value of its assets has declined.