BJ rescinds lump-sum payout for pensions 
offer to non-retired former employees

The Beacon Journal has rescinded its lump-sum offer for former BJ employees who have not reached retirement age in lieu of taking their pensions. Apparently management was afraid it would exceed the 80% funding level that would cost it money.

The tip BJ Alums got from a BJ staffer:

Staff was told Wed that the pension offer was no longer on the table because the plan is under the 80% funding level. We were told they were very near 80%.  

The reason the offer was on the table was the cost to the employer to keep these individual accounts open. It was being offered to those who left the company, had not yet retired and had less that 40k in their account.

BJ Alums got a copy of the letter from a former BJ employee that explained the offer. Those who left the BJ before 1990 got letters estimating what their BJ pensions would be. It often was $100 to $200 a month.