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NYT > SEC Filings for NYT > Form 8-K on 21-Feb-2014All Recent SEC Filings

Show all filings for NEW YORK TIMES CO



Other Events

Item 8.01. Other Events.

The New York Times Company (the "Company") has amended The New York Times Company Supplemental Executive Retirement Plan ("SERP"), and, in addition, certain other unfunded supplemental retirement plans (collectively with the SERP, the "NYT SERPs"), to permit a one-time lump-sum payment offer to certain NYT SERP participants.

The Company intends to offer approximately 200 NYT SERP participants, or their beneficiaries, the option of receiving a one-time lump-sum payment equal to the present value of the participant's pension benefit under the applicable NYT SERP. This will be a voluntary offer, and participants who choose not to participate will see no change in their benefits under the NYT SERPs. Lump-sum payments would be paid out of Company cash.

The actual amount of the payments to be made by the Company will depend upon the number of participants electing the lump-sum payment option, which the Company cannot predict, and certain other factors. While it is too early to estimate the participation rate, assuming an acceptance rate of 50 percent of the pension obligations associated with the offer, the Company would make settlement distributions of approximately $40 million and would record a non-cash settlement charge of approximately $13.5 million in the second quarter of 2014. This offer is another step the Company is taking to reduce the size of its legacy pension obligations.

Except for the historical information contained herein, the matters discussed in this Form 8-K are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. These risks and uncertainties include risks detailed from time to time in the Company's publicly filed documents, including its annual report on Form 10-K for the year ended December 30, 2012. The Company undertakes no obligations to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

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