Basler Zeitung Medien: Restructuring and connection of the pension funds
The two pension funds of Basler Zeitung Medien will join the Profond Collective Foundation effective July 1, 2012. This decision was made unanimously on Wednesday by the boards of trustees of the two pension funds.
The Basler Zeitung Medien would enable the connection to the Profond collective foundation with a considerable one-time contribution, it says in a statement. The one-time contribution by the employer and the affiliation with the collective foundation would mean that the ongoing, high restructuring contributions by the employer and employees would no longer be required, which would mean a great deal of relief.
Due to underfunding, the Board of Trustees of the BZM pension funds decided in July 2011 to make restructuring contributions of 4.5 percent each from employees and employers.
