The New York Times Company announced today that it has entered into agreements with Massachusetts Mutual Life Insurance Company (MassMutual) to transfer pension benefits and annuity administration for approximately $225 million in pension obligations. The agreements relate to two of the Company’s pension plans, The New York Times Company's Pension Plan and The Retirement Annuity Plan for Craft Employees of The New York Times Company. Under the agreements, these pension plans will purchase group annuity contracts from MassMutual for approximately 3,800 retirees (or their beneficiaries). The group annuity contracts include an irrevocable commitment by MassMutual to make annuity payments to the affected retirees. All other retirees will continue to receive monthly benefit payments from the plans. The agreements will transfer the payment administration and obligations to this highly rated insurance company with a long history of efficiently providing annuity benefits. This arrangement is part of the Company’s continued effort to manage the overall size and volatility of its pension plan obligations, and the administrative costs related thereto. Click Read More below for additional information.

FY2023 first quarter service performance scores covering Oct. 1 through Oct. 14 included: *First-Class Mail: 92.9 percent of First-Class Mail delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter. *Marketing Mail: 94.4 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter. *Periodicals: 87.6 percent of Periodicals delivered on time against the USPS service standard, an improvement of 0.7 percentage points from the fiscal fourth quarter.

The United States Postal Service is today announcing that Louis DeJoy, America’s 75th Postmaster General, has notified the Postal Service Board of Governors that it is time for them to begin the process of identifying his successor. The Governors of the Postal Service, working with key stakeholders, will now begin the process of identifying an appropriate candidate to serve as the next Postmaster General and Chief Executive Officer of the United States Postal Service. Postmaster General’s letter to the Board of Governors: “Louis DeJoy has steadfastly served the nation and the Postal Service over the past five years,” said Amber McReynolds, chairwoman of the Board of Governors. “The Governors greatly appreciate his enduring leadership and his tireless efforts to modernize the Postal Service and reverse decades of neglect.” She added that “Louis is a fighter, and he has fought hard for the women and men of the Postal Service and to ensure that the American people have reliable and affordable service for years to come.” DeJoy stated, “While there remains much critical work to be done to ensure that the Postal Service can be financially viable as we continue to serve the nation in our essential public service mission, I have decided it is time to start the process of identifying my successor and of preparing the Postal Service for this change. The major initiatives we are currently endeavoring are multi-year programs and it is important to have leadership in place whose tenure will span this future period. After four and half years leading one of America’s greatest public institutions through dramatic change during unusual times, it is time for me to start thinking about the next phase of my life, while also ensuring that the Postal Service is fully prepared for the future."