The federal Pension Benefit Guaranty Corp. has placed liens on all property owned by Times Publishing Co. and its parent organization, the Poynter Institute for Media Studies, for failing to make required contributions to their pension plan.
The liens are for $30,476,992 — the difference between the pension plan's current assets and the calculation of all future benefits. The liens were recorded last week in Pinellas County official records.
"As we have previously acknowledged, the Times received approval to delay some of its contributions to the pension plan during the economic recession and recovery," said Jana Jones, vice president and CFO of Times Publishing, which publishes the Tampa Bay Times. "Related to these approvals, the Times agreed to provide collateral to the PBGC. These liens are part of this process."
Jones said the Times is about $10 million behind in its contributions, reiterating that the liens reflect total obligations in coming years. The Times' pension plan covers approximately 3,400 current and former staffers of the Times and its business magazine, Florida Trend. She said those participants should have "no reason for alarm" about their benefit payments.
If I was a current or former employee, I would be more than worried that I would never see my pension.
H/T Tampa Bay Times