Friday, May 12, 2017

IMPORTANT PENSION RETIREMENT INFORMATION

If you joined the LA Times (or any other Times Mirror paper) before the middle of 2001, you’re entitled to pension benefits above and beyond your 401k.
Some folks are under the impression that the pension plan disappeared during bankruptcy; it didn’t. Others were told wrongly that they wouldn’t get a pension; but if you joined by 2001 and stayed five years, you qualify.
Here’s the news: The old Times Mirror Pension Plan is about to be transferred to a new owner, Sinclair Broadcasting.
That’s because Tribune Media, the broadcast half of Tribune, is being acquired by Sinclair. When Tribune was divided into two companies (Tronc and Tribune Media), the pension went with Tribune Media.
Because of all the changes in corporate structure, at least three separate outside benefits firms have been handling pension questions and administration since 2000.
The current pension administrator is TransAmerica, but it could be replaced by another firm after the purchase by Sinclair is completed.
To avoid confusion, CHECK YOUR PENSION NOW.
Contact Transamerica Retirement Solutions, at (800) 755-5801. Tell them you’re a participant in the Tribune Company Cash Balance Pension Plan, which absorbed the Times Mirror pension in 2000. Ask for detailed information on your pension, and how much you would receive at various ages, depending on when you starts drawing benefits. And get it in writing – just to be safe in case a new administrator can’t find your records.

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