Many of us got a letter from Tribune today. Here is an excerpt (my translation may be a little liberal):

Dear Tribune Retirement Plan Recipient:

As a result of the Tribune Company Cash Balance Pension Plan’s estimated funded status of somewhere between 95 and 100 percent; and in accordance with the company’s continued operation under bankruptcy court protection, the plan currently can no longer offer certain payment options — particularly those you retirees would deem the most valuable. This means that while current managers enjoy substantial bonuses granted by the court, the  people they forced into retirement will once again be screwed over — at least temporarily.

We regret any inconvenience this might cause, but not very much.

Seriously, anyone with a question of the implications of the recent notification should call the Hewitt Retirement Center at 800-872-2222. (And let us know if it helps.)