A U. S based publisher, Tribune Company is likely to introduce a new retirement plan for its employees. Tribune at present, owns the Los Angeles Times and Chicago Tribune.

In a memorandum to employees, the Chief Administrative Officer, Gerry Spector, on Tuesday, revealed that the company mostly likely will end the existing employee stock option plan and will introduce new policies in the retirement plan.

According to the sources, the new retirement plan will match the first 2 per cent of pay dollar against the dollar and the next 4 per cent at 50 cents per dollar. Also, the company will start profit- sharing plan that will allow the employees to earn a share of incentive from the profits of the company.

However, the termination of the ESOP will certainly allow the employees to earn their first ESOP share as decided by the company on the completion of this calendar year. But, such allocations will not be worth due to the bankruptcy, which is backed by the valuation made by Appraisal firm Duff and Phelps. The shares of Tribune stock held by the ESOP at valued at zero.

On the other hand, Tribune spokesman was not available for comments.