Sunday, May 1, 2011

NJMG pension plan loses value

Traveling through the Holland Tunnel, from Man...Image via Wikipedia
Breaking news: The Holland Tunnel was closed for hours two days ago.

The total assets of North Jersey Media Group's pension plan stand at $62.9 million -- a decline of almost $15 million since 2008, the company says.

In its annual funding notice to employees, former employees and retirees, the company said last week it needs $84 million "to pay for promised benefits under the plan."

The number of participants is 1,978: 555 active participants; 682 retired or "separated from service" and receiving benefits; and 741 entitled to future benefits.

The plan has 96% of its money in mutual funds and 4% in cash.

Today's paper

The big Hackensack news actually is an ad wrap for a Main Street hearing-aid center that obscures nearly half of Page 1 in The Record of Woodland Park.

Not that there's much real news to hide.

Editor Francis Scandale must have been really desperate to put a two-day-old Holland Tunnel shooting on A-1.

Brain damage

Road Warrior John Cichowski's follow-up to today's column on speed bumps (L-1) will explore the history of double-yellow lines and list paints that are visible from the moon.

Did anybody read Columnist Mike Kelly's lame attempts at satire on O-1 today? Gee, the so-called journalist must have left his balls at home, failing to label Donald Trump's antics as racism.

For that, you have to read a letter from Carl M. Losito of River Edge on O-3.

Lots of baggage

Travel Editor Jill Schensul is much more effective when she writes about travelers' rights -- as she does today in her cover story (T-1) -- than when she gushes over a free Disney cruise.

But is the male model in that amateurish illustration really representative of readers who travel?

Today's paper carries three pieces on Manhattan building anniversaries (A-2, F-1 and F-4).


Here and there

An Eye on The Record post discussing Restaurant Reviewer Elisa Ung's evaluation of Grissini in Englewood Cliffs was picked up by a Web site called New York Living: http://www.newyorkliving.info/blogs/The-Fat-Of-The-Land.html

An Eye on The Record reader had this to say about the Turnpike Authority trying to cut E-ZPass discounts to grab another $16 million from drivers (L-2):
"Following up on your Saturday column about Christie giving commuters the shaft, check out today's article, "N.J. seeks opinions on limiting E-ZPass discount," where Christie want to eliminate the off peak E-ZPass discount for all E-Z Pass users that are not signed up with NJ E-ZPass in order to steal another estimated $16 million from unsuspecting E-ZPass drivers, the majority of whom have not been stupid enough to sign up for NJ E-ZPass and their monthly bilking scheme. Let the E- Pass wars begin! All E-ZPass authorities in other jurisdictions and states should start charging NJ E-ZPass users double for tolls on their roads and bridges, including those into N.Y."



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35 comments:

  1. Mr Sasson did you ever bring your pention to an Actuary for a detailed calculation to see if NJMG is giving you the correct benefit amount? Also you can request a detailed calculation of your benefit from new york life (call there 1800 number,its a 5 page report of your benefit dollars thats not on the NEW YORK LIFE/NJMG RETIREMENT PENTION WEBSITE most pention recipiants dont know how to request this info or even if they have the right to do so),they will get it from NJMG than you can bring it to your own Actuary. They have to supply this info to you free of charge under ERSIA Rules and Regulations. Good Luck!

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  2. Post a story to let your readers know how you made out. Good Luck

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  3. Any questions regarding Private Pensions or reporting Private Pension fraud can be be found by contacting The Depatment of Labor for Private Pensions at the New York Regional Office NY,NY. Tele. 212-607-8600 or 212- 607-8686

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  4. Did you request the info on the above comment?

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    Replies
    1. Not yet. Hope to get to it later this week. Right now, digesting. NJMG annual notice on funding of pension plan.

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    2. FYI: There is no way to reply to anonymous comments. I do not receive the e-mail address of the sender.

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  5. Hows things going with New York Life?

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    Replies
    1. I've called them and have access to my account, but I can't see anything on how my pension was calculated except for "annual salary and age."

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    2. "Retirement age," that is. For example, I see nothing on years of service.

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    3. I've asked for information on how my pension was calculated, and they said they'd get back to me.

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  6. Years of service mean nothing (sort of). Its the specific day you were eligible to be in the pention plan and what pention plan you were under the year you became eligible for the pention. Ask yourself what Banner was the Plan under when you were eligible, Bergen Evening Record Corp? Bergen Record Corp? And of course it was not NJMG (get It?) You want them to send you a "detailed calculation" of your monthly pention dollars under the correct company name which you became eligible. Also tell them you want a complete "sumarry plan discription" of the Plan the day and month and year you became eligible. The Summary plan discription thats on your New York Life website is incorrect for your specific eligibility they call it a brief summary plan discription (what are they hiding). The 1-800 service dosent have access to the info,they go to a supervisor who may contact NJMG. ERSIA Rules say New york life must give you the info,they have it. They might ask you to write in. Dont let them push you around cause they want you to give up. And your not going to. New York Life gets approx.1.5million to manage this plan make them work and give you all your answers under ERSIA. Dont post this,but you can reply to anonymous if you want.Good Luck!

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  7. I'm not sure why one Anonymous is asking me not to post his guidance to verifying my pension benefit.

    In any case, the pension is under the North Jersey Media Group banner, not Bergen Record etc.

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  8. Did you get your detailed calculation of your pention benefit dollars sent to your home yet?

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    Replies
    1. Working on it. Follow-up call next week.

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  9. Did you follow up with a detailed calculation of your benefit?

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  10. How's your detailed calculation going? Are you getting good service from New York Life?

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    Replies
    1. I got a call yesterday, apologizing for the delay, but saying they are working on sending me something in the mail.

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  11. A number provided for the Labor Department is in New York. I live in New Jersey, and NJMG is in New Jersey. Is that the federal Labor Department or state Labor Department?

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  12. Hows the detailed calculation going? Are you getting the labor dept. involved?

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    Replies
    1. On Wednesday, I was told it would be complete in 48 hours (New York Life).

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  13. Let your readers know the results when you recieve the calculation. Good Luck.

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    Replies
    1. Are you going to write a story for your readers on your Blog reguarding your Pention results?

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    2. Can someone recommend an actuary to look over the report from New York Life?

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  14. I plan to write something, but need to consult an actuary. Can anyone recommend one?

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  15. Hows your search for a Actuary going?

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    Replies
    1. Lots of other stuff to do. Will call soon.

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  16. No. Haven't called an actuary. What would that cost and how likely is it that an actuary would find an error in my payment calculation?

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  17. Cost $350-$550. Any error you get a rebate from NYL. If it comes back accurate, you get peace of mind.

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  18. Did you hire an actuary yet to see if your pension is accurate Mr. Sasson?

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