[Ipg-smz] Two lumps of "retirement" coal in my holiday stocking
Christine Hall
christine at fossforce.com
Tue Dec 24 23:18:37 UTC 2019
Hi David,
I've been an employee at Informa since it purchased Penton a couple of
years ago. I don't know the answer to your question, but I can check and
see what I can discover, if you wish.
This will have to wait until after New Year's however. Most Informa
employees have been given holiday time starting today until 1/2, so
it'll be difficult finding anyone in the office.
Christine Hall
Publisher & Editor
FOSS Force: Keeping tech free
http://fossforce.com
On 12/24/19 3:06 PM, David Needle via Ipg-smz wrote:
> Thanks Tom,
> Yes, I was pondering who on the IPG list might work at an Informa site
> and could point me somewhere. I'll try Curtis.
>
> RE: Your thing at Merrill Lynch: "How much is in it? In 2008, it was
> $11K, I'm told."
> Definitely worth pursuing. Even in the Bay Area that's more than a few
> lunches!
>
> Thanks for the advice.
>
> On Mon, Dec 23, 2019 at 5:20 PM Tom Henderson via Ipg-smz
> <ipg-smz at netpress.org <mailto:ipg-smz at netpress.org>> wrote:
>
> Informa is the inheritor of the assets. 401k and other plans should
> have separate fiduciary. Informa bought United Media's assets.
> United bought CMP (and Miller Freeman). It might be that Curtis
> Franklin has survived ALL OF THESE, and might have pointers as to
> who did what to whom, when.
>
> Your other assets might be on other missing assets sites. If you
> have time and want to surf, try it.
>
> I have a strange pension plan floating at Merrill Lynch, a
> settlement from long ago, I'm told. Eventually I'll get it.... or my
> kids will. How much is in it? In 2008, it was $11K, I'm told. Not
> much, but a few lunches, eh?
>
> Tom
>
>
> On 12/23/19 6:39 PM, David Needle via Ipg-smz 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 <mailto: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 <mailto:eschuman at thecontentfirm.com>
>>>
>>> 973-993-8098 <tel: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#
>>> <http://lmgtfy.com/?q=Evan+Schuman>
>>>
>>> https://twitter.com/eschuman
>>>
>>> www.linkedin.com/in/schumanevan/
>>> <http://www.linkedin.com/in/schumanevan/>
>>>
>>> /Member, Internet Press Guild: http://netpress.org//
>>>
>>> *From:* Ipg-smz <ipg-smz-bounces at netpress.org>
>>> <mailto: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 <mailto:ipg-smz at netpress.org>
>>> *Cc:* Dan Rosenbaum <dan at panix.com> <mailto: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
>>> <mailto:ipg-smz-bounces at netpress.org>> on behalf of Mark
>>> Brownstein via Ipg-smz <ipg-smz at netpress.org
>>> <mailto:ipg-smz at netpress.org>>
>>> *Reply-To: *<ipg-smz at netpress.org <mailto:ipg-smz at netpress.org>>
>>> *Date: *Monday, December 23, 2019 at 1:14 PM
>>> *To: *<ipg-smz at netpress.org <mailto:ipg-smz at netpress.org>>
>>> *Cc: *Mark Brownstein <IPG at brownstein.com
>>> <mailto: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
>>> <mailto: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 <mailto: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 <mailto:Ipg-smz at netpress.org>
> http://netpress.org/mailman/listinfo/ipg-smz_netpress.org
>
>
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