Chicago-based Tribune Company is setting up a new 401(k) plan, Pensions & Investments reports. It will replace its employee stock ownership plan (ESOP) as part of the Chapter 11 bankruptcy restructuring.

The new 401(k) plan will include a 4% employer match for employee contributions of up to 6%. Advisory firm, Duff & Phelps, has valued the stock in the plan as worthless due to bankruptcy.

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