Asbury Park Press pensions

[Trouble]

Asbury Park Press folks know me as the Trouble Shooter. Presently, I am trouble shooting curiosities about the pension Gannett has offered Asbury Park Press employees who were vested before Gannett closed on its purchase of the APP in October 1997.

This quest may interest especially those vested before 1994, when the so-called "prior plan" pensions were frozen to new contributions. Vested employees were repeatedly assured in letters from Don and Jules, et al, that this "prior plan" and its promised annuities (with continuing interest growth) would continue until our retirement and were operating simultaneous to our individual "cash balance" retirement plans started Jan. 1, 1994, and ceasing Dec. 31, 1997.

Jan. 1, 1998, appears to be the date Gannett claims to have purchased the APP for pension purposes, apparently to avoid grandfathering APP employees also into the Gannett prior pension plan. Jan. 1, 1998, is when Gannett tells me it absorbed both our APP "prior plan" and "cash balance plan" accounts into the present Gannett pension plan started Jan. 1, 1998. (Some issues may apply to other properties Gannett bought in 1997.)

In calculations I insisted on seeing, however, Gannett plans to pay my pre-1998 pension based solely on the sum accumulated in the three years of my individual "cash balance" plan. The actuarial "formula" appears to ignore a very considerable sum I earned during 11 years in the APP "prior plan."

Gannett has flatly refused to tell me what actuary came up with this "formula." Carrie Oman said the company does not want me to contact the source of this mystery. Neither she nor anyone else in Gannett has answered the questions about our APP prior plan money to my satisfaction.

Open communication among us could help us all. Or, you can email me confidentially at apppensions@live.com.

Note: Both a pension rights lawyer and the federal Department of Labor have told me that Gannett would have to pay what's due if a mistake was made, even for those who signed the questionable waiver required to get whatever money Gannett offered.

[JerseyGirlAlways]

Trouble, we've spoken, but for the rest of the folks out there who are sitting on the sidelines on this:

If you got laid off in December, you can be certain Gannett lied to you about what your pension is worth. Some of us got out before this mess. I left not long before the collapsing began and took my pension money immediately, and I know for a fact that I got more money, despite having less time in service and a lower salary.

And Gannett can *say* they miscalculated, but that would be as much of a lie as the 1,400 layoffs figure. I didn't have to beg them for my info or my paperwork or my money ... they took their allotted time, but I didn't have to call and nag them.

Everyone who got their pension figure needs to challenge it and you should sue them for fraud, pure and simple.

Hit 'em where it hurts, folks. Hit 'em, hit 'em hard, and hit 'em again.

[Chris Erwin]

I was terminated about two years ago and am just getting around to asking for my pension. Didn't really pursue it all till now. I called at least four times without an answer and when I finally got through to the HR person who handles it she told me she contacted corporate and had no timeframe of when they would get back to me. Any suggestions as to make sure so that I don't get jerked around by this scumabg company?

[guest]

I was terminated about two years ago and am just getting around to asking for my pension. Didn't really pursue it all till now. I called at least four times without an answer and when I finally got through to the HR person who handles it she told me she contacted corporate and had no timeframe of when they would get back to me. Any suggestions as to make sure so that I don't get jerked around by this scumabg company?

Ask your financial consultant to call and say you'd like to roll the money into (401K, Roth IRA, regular IRA). It is your money, and your right to choose who you want to manage it.

[Chris Erwin]

OK thanks. I'm looking to take money out to buy a building that has an apartment and a barber shop.

[Chris Erwin]

Hi I recieved the pension info in the mail today. Although the communication was not there the information did arrive quickly.

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