[Ipg-smz] Two lumps of "retirement" coal in my holiday stocking

Tue Dec 24 00:34:18 UTC 2019

Dave, all I can add is that CMP used to refer (loosely) to the profit sharing plan as the pension plan. Good luck!

Rob

Sent from my iPhone

> On Dec 23, 2019, at 6:39 PM, David Needle via Ipg-smz <ipg-smz at netpress.org> wrote:
> 
> Ah if only Tom ! I haven't completely closed the books on this, but it seems extremely unlikely. (I private email replied to Tara that the California unclaimed property entries are all for other "David Needle's" - surprisingly there are quite a few! )
> 
> So of the two documents from Social Security, the one for Computer Currents Publishing  says "Computer Currents Publishing 401K Retirement Plan". I can do a bit more digging, if it was a 401K I rolled it over to American Century and then later Fidelity. There would be no need to leave anything. 
> 
> For CMP it says the Plan Name is: "CMP Media Inc. Pension Plan" so perhaps that is the profit sharing Rob was referring to. But could this possibly be something that didn't vest or that I wasn't entitled to after working there only two years? In any case, with CMP being sold a few different times and the entity that was "CMP" long gone, is there anything to pursue and if so where to start? I'm open to suggestions!  😀
> 
>> On Mon, Dec 23, 2019 at 10:51 AM Tom Henderson via Ipg-smz <ipg-smz at netpress.org> wrote:
>> Yep, I'm thinking Mr Needle has a "windfall".
>> 
>> Tom
>> 
>> 
>> 
>>> On 12/23/19 1:44 PM, Evan Schuman via Ipg-smz wrote:
>>> But is it ONLY bankrupt firms? And how are they defining bankrupt?
>>> 
>>> In CMP’s case, it was acquired. What happens to those accounts?
>>> 
>>>  
>>> 
>>> _______
>>> 
>>> Evan Schuman
>>> 
>>> eschuman at thecontentfirm.com
>>> 
>>> 973-993-8098 (voice)
>>> 
>>> Computerworld weekly columnist (Column archive: http://www.thecontentfirm.com/weekly-column-on-computerworld)
>>> 
>>> Moderator for MIT Sloan Management Review events
>>> 
>>> Google Search: http://lmgtfy.com/?q=Evan+Schuman#
>>> 
>>> https://twitter.com/eschuman
>>> 
>>> www.linkedin.com/in/schumanevan/
>>> 
>>> Member, Internet Press Guild: http://netpress.org/
>>> 
>>>  
>>> 
>>> From: Ipg-smz <ipg-smz-bounces at netpress.org> On Behalf Of Dan Rosenbaum via Ipg-smz
>>> Sent: Monday, December 23, 2019 1:24 PM
>>> To: ipg-smz at netpress.org
>>> Cc: Dan Rosenbaum <dan at panix.com>
>>> Subject: Re: [Ipg-smz] Two lumps of "retirement" coal in my holiday stocking
>>> 
>>>  
>>> 
>>> “Either way, the topic of 'what happens to my retirement accounts when the company goes 'poof'?' may become an interesting article. “
>>> 
>>> Well, the direct answer’s easy, although following through on it will not be.
>>> 
>>> There’s government agency called the Pension Benefit Guaranty Corporation (PBGC) that takes over defined-benefit pension plans of bankrupt companies. It was formed by the ERISA Act of 1974. Right now, there are something like 5,000 pension plans being paid out by the PBGC.
>>> 
>>> The money doesn’t come from general tax funds. It’s funded by insurance premiums paid by defined-benefit plan sponsors, assets of the funds it takes over, and recoveries from bankrupt pension funders.
>>> 
>>> So yeah: company goes away, it sticks a federal government agency with paying off its pension liability.
>>> 
>>>  
>>> 
>>> d
>>> 
>>>  
>>> 
>>>  
>>> 
>>>  
>>> 
>>>  
>>> 
>>> From: Ipg-smz <ipg-smz-bounces at netpress.org> on behalf of Mark Brownstein via Ipg-smz <ipg-smz at netpress.org>
>>> Reply-To: <ipg-smz at netpress.org>
>>> Date: Monday, December 23, 2019 at 1:14 PM
>>> To: <ipg-smz at netpress.org>
>>> Cc: Mark Brownstein <IPG at brownstein.com>
>>> Subject: Re: [Ipg-smz] Two lumps of "retirement" coal in my holiday stocking
>>> 
>>>  
>>> 
>>> I wouldn't be too surprised to find that the states where these companies were located had the funds in an impound account or two. I believe that the retirement accounts established by these companies HAD TO BE maintained separately from the core businesses, so the funds may still be there, gathering interest all these years, if you can find them.
>>> 
>>> Maybe the Social Security Administration can point to to where these funds are reportedly being held and, counterintuitively, actually HELP you to find those accounts - or whatever agency is still holding them for you.
>>> 
>>> It may take some work, but the reward should be well worth it.
>>> 
>>> Either way, the topic of 'what happens to my retirement accounts when the company goes 'poof'?' may become an interesting article.
>>> 
>>>  
>>> 
>>>  
>>> 
>>> On 12/22/2019 1:44 PM, David Needle via Ipg-smz wrote:
>>> 
>>>  
>>> 
>>> 
>>> I recently applied for social security - yeah, I'm that old. Sigh. But not retiring. 
>>> 
>>>  
>>> 
>>> Anyway, I just received two letters from the Social Security Administration headed 
>>> 
>>> Potential Private Retirement Benefit Information. 
>>> 
>>>  
>>> 
>>> Each one begins: "We are writing to tell you that you, or the worker whose Social Security number appears at the top of this form, MAY be entitled to some retirement benefits from a private employer .
>>> 
>>>  
>>> 
>>> Long story short, one letter says there is a "value" of $18,376 in a retirement account connected to CMP Publications reported in 1998 and the other lists $34,687 from Computer Currents Publishing reported in 1996. 
>>> 
>>>  
>>> 
>>> Both of those companies are long gone so I assume this is just some unresolved accounting by Social Security. While I don't remember these exacty figures, I did have a 401K at both companies so I assume that is what is this is in reference to and the money isn't actually owed to me or even exists anywhere as I would have rolled it over long ago. 
>>> 
>>>  
>>> 
>>> Oh well, got excited there for a minute. 
>>> 
>>>  
>>> 
>>>  
>>> 
>>>  
>>> 
>>> -- Ipg-smz mailing list Ipg-smz at netpress.org http://netpress.org/mailman/listinfo/ipg-smz_netpress.org
>>> 
>>> 
>>> 
>> -- 
>> Tom Henderson
>> ExtremeLabs, Inc.
>> +1 317 250 4646
>> Twitter: @extremelabs
>> Skype: extremelabsinc
>> -- 
>> Ipg-smz mailing list
>> Ipg-smz at netpress.org
>> http://netpress.org/mailman/listinfo/ipg-smz_netpress.org
> -- 
> Ipg-smz mailing list
> Ipg-smz at netpress.org
> http://netpress.org/mailman/listinfo/ipg-smz_netpress.org
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://netpress.org/pipermail/ipg-smz_netpress.org/attachments/20191223/748dfc27/attachment-0001.html>