BJ pension underfunded

Notice Regarding The Employees’ Retirement Plan of the Beacon Journal Publishing Company
The employer sponsoring your pension plan has made an election permitted under Federal law to delay funding for the plan. The election applies to the plan year beginning on January 1, 2010 and ending on December 31, 2010.
Without the election, Federal law generally requires that any increase in the amount by which the plan is underfunded for a plan year be paid off over 7 years. However, the election allows the increase in the amount by which the plan is underfunded for this plan year to be paid off in smaller annual payments over 15 years.
If you have any questions, contact:
Aaron Burr
44 E. Exchange Street
P.O. Box 640
Akron, OH 44309
(330) 996-3184



Black bought the Beacon Journal from McClatchy for $165 million.

The pension reportedly is underfunded by 17.29%. Some of that can be made up by Black Press' stock prices rising.

And it's not like Black Press/BJ doesn't have the money for current retirees' pensions. That usually is handled through an annuity purchased when you retire, and the Black Press/BJ agent sends out the checks till you die.

Most underfunding is for pensions of current employees.