This bill — the Save Community Newspaper Act — would allow community newspapers to choose alternative minimum funding standards for the defined benefit pension plans they maintain, effectively reducing their contribute. Relief would include a 30-year period to amortize pension shortfalls (rather than the current 7-year period) and interest rates set on the U.S. Treasury yield curve rather than 8 percent. Eligible community newspapers would have to be privately-owned by residents of the state, family-owned for at least 30 years, a non-profit, held in a state trust, or a combination of the above. Eligible pension plans would have to be “frozen” — meaning they no longer accept new entrants.
Publicly-traded media companies or corporations that own newspapers that own newspapers in multiple states would be ineligible for relief.