NJMG retirees, employees have own pension woes

The Record's old headquarters on River Street in Hackensack, in a photo taken before North Jersey Media Group leased parking spaces to Bergen County, replacing those lost to construction near the courthouse.

By VICTOR E. SASSON
EDITOR

The Record has been filled lately with bad news for the public employee pension fund, which has been raided by New Jersey governors who can't balance their budgets any other way.

Now, Governor Christie is drastically cutting the contribution to the underfunded public employee pension system, plus making other cuts totaling $128 million, to balance the budget by June 30.

The Record's stories are filled with numbers, but no explanation of how this will affect public employees.

Meanwhile, I wonder what retirees and employees of the Woodland Park daily are saying about the annual notice sent out last month by the North Jersey Media Group Pension Plan.

I recall newsroom employees -- Corny, Vinny, Ron and other suckers -- who are close to or past retirement age and working under a pension system that was frozen "for participants who were actively employed on March 31, 2007," according to the annual notice.

"Benefits as of that date remain intact," the notice states, "but will not increase beyond their value as of March 31, 2007."

I left in May 2008 and now receive a monthly NJMG pension of less than $1,000 -- this after more than 29 years at the paper as a reporter, copy editor and food writer.

My pension was reduced -- I can't recall by how much -- because I chose the option of allowing my wife to receive half of my monthly benefit after my death.

Unfunded liabilities

As of Jan 1, 2013, the NJMG Pension Plan had total assets of $71,711,475 and liabilities of $86,607,254.

"This figure is the estimate of the amount of assets the plan needs on Valuation Day to pay for promised benefits under the plan," the notice states.

The funding shortfall is listed in the notice as $14,895,779 to $31,657,952, and the minimum required contribution to the plan by NJMG is $4,855,096 to $7,355,065.

Let's hope the greedy Borgs don't do a Christie on their workers and retirees.

The total number of participants in the plan is given as 1,903, including 465 active participants, 746 retired or "separated from service" and receiving benefits, and 692 retired or "separated" and entitled to future benefits.

Today's paper

The story on A-3 today -- a roundup of jokes about the George Washington Bridge scandal -- only reminds commuters of how Governor Christie screwed them royally through a combination of higher tolls everywhere and no expansion of mass transit.

In the last few days, The Record has been revising the total contribution the GOP bully will be withholding from the public employee pension system.

First, it was reported as $900 million. Then, that was upped to $1.57 billion.

Today, Staff Writer John Reitmeyer reports on A-4, Christie plans to take funds allocated for the pension system -- "nearly $900 million this fiscal year and $1.57 billion in the fiscal year that begins on July 1"(A-4). 

Heavy Teaneck news

Today's Local section continues recent heavy coverage of Teaneck, with a glowing story on the high school prom, complete with three photos (L-1 and L-6).

Did Hackensack High School hold a prom? Why wasn't that covered? 

The only Hackensack "news" is an obituary for Joseph Bracchitta, 86, "one of the finest ballplayers" from the high school (L-6).

Also on L-1, Staff Writer Colleen Diskin reports on the reaction  of seniors to another postponed state property tax rebate Christie is hogging to balance the state budget.

More than 1 million residents enrolled in the Homestead program are affected.

Noisier jets?

On the first Business page, Staff Writer Richard Newman reports on current and planed longer-range business jets at Teterboro Airport (L-8).

But as usual, Newman has his heads in the cloud, never mentioning whether the new aircraft are any quieter than those that terrorize Hackensack high-rise residents and wake up everyone else in towns near the airport that caters to the rich and famous.

Pigging out

Restaurant Reviewer Elisa Ung bestows 3 stars on Lan Sheng, a Chinese restaurant serving spicy Sichuan food in an industrial area of Wallington (BL-14).

But Ung didn't make much of an effort to sample non-meat dishes, mentioning only three, including a fish with "a skimpy amount of flesh for the $22.95 price tag."

Even the tofu dish she liked contains pork.

She quotes a friend, who sounds retarded:

"I'm afraid to try the white rice. What if it's a revelation?"