Members of the News Media Guild, the union for Associated Press (AP) workers, are fighting to receive an updated pension plan.

PressTV reports that the company's old pension system – a defined benefit plan – has been phased out and is no longer sustainable if the AP desires to remain competitive.

The Guild's counter-proposal, according to Poynter, is a defined contribution plan – a five year contract worth $30.8 million.

"The future of the company rests on a swift and reasonable conclusion to negotiations," an AP representative told the news source. "Therefore, both sides are looking to come to amicable terms quickly as the contract battle has been dragging on for six months now."

News workers have staged rallies in front of dozens of the agency's bureaus across the U.S. to protest against proposed cuts to retirement benefits and inadequate salary, PressTV adds.

Protest organizer Larry Margasak told the media outlet that since economy has begun to normalize, workers want to make up for the losses they sustained three years ago, when the AP was forced to make cuts because of the financial crisis.

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