Times' retirement plan hit by $154M loss - Business First of Buffalo:

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Net assets of the plan for the which owns the Globeand T&G, fell to $417.87 million. The plan was particularluy hard hit bysome $171.5 milliom in losses within severakl mutual funds. For example, the plan’s larges t holding, the Vanguard 500 Indes Investment fund, suffered a nearly 40 percent loss in Another fund inthe Times’ portfolio, the Vanguard Asset Allocation Investment fund, dropped nearly 32 percentt year-over-year. Only one of its major fund holdings, the Dodgre & Cox Income Fund, posted a positived return in 2008. Investments in fixed incomde and insurance assetsgenerated $5.3 millionb in income. Dividend incomwe of $11.6 million also helpee offset losses.
Interest income from the company’s borrowing from its retiremenft fundtotaled $594,000. The Times has traditionally matched a fraction ofGlobe employees’ contributions to their 401(k) accounts, howevet a proposal in front of leadership woule eliminate the program.