The Markets April 29, 2009

Clear Channel Parent Suspending Company Match

CC Media Holdings Inc., the parent company of radio-and-billboard giant Clear Channel Communications Inc., announced it is laying off about 590 people in its radio division and suspending its 401(k) company match.
Reported by

The Wall Street Journal reports that Clear Channel said it would suspend its matching contributions to employees’ 401(k) retirement accounts, effective April 30. If the company hits 90% of its year-end targets, it will retroactively restore the match, a spokeswoman said, according to the newspaper.

The financial downturn has led other media companies to make similar cost-cutting moves (see “Media General Freezes Pension’).

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Products April 29, 2009

BNY Mellon Announces Form 5500 Reporting Enhancements

BNY Mellon Asset Servicing has announced several enhancements to the online Form 5500 reporting capabilities of its Web portal Workbench.
Reported by

According to a press release, BNY Mellon Asset Servicing released a new Form 5500 Schedule R report to assist clients by reporting the beginning-of-year distribution of assets in five categories: stocks, investment-grade debt instruments, high-yield debt instruments, real estate, and other asset classes.

The company said it also improved online customized data access to the following Form 5500 reports:

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  • schedule of investments at plan year end
  • realized gain loss report
  • certain investment arrangement report
  • contributions, expenses, and transfer detail transaction report.

Plan sponsors can now customize downloads of their 5500 information into industry-standard file formats like XLS, CSV and TXT.

BNY Mellon said in June it will add a report designed to help clients prepare Schedule C of Form 5500 by identifying trust payments made to service providers.

More information is available at www.bnymellon.com.

 

 

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